BITCOIN Analysis for April 24, 2018

Bitcoin has been impulsive with the bullish gains recently. There was no significant deeper pullback to indicate any bearish intervention along the way. The bitcoin price is currently residing above the $9,300 price area after recently taking out the $8,500 with a daily close. Since the downtrend start in December 2017, this is the first time the price has been successful with consistent impulsive bullish pressure rallying over $2,500. As of the current scenario, the price has breached the Kumo Cloud which was expected to act as strong resistance for the price to push higher. Currently the price is expected to proceed towards $10,000 in the coming days and if the price succeeds to break above $10,000 with a daily close, further bullish pressure is expected with targets towards $11,500 in the future. As the price remains above the $7,000 area, the bullish bias is expected to continue.

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