BITCOIN Analysis for April 3, 2018

Bitcoin has been quite impulsive amid bullish pressure today which led the price to reside above $7,000 currently after the recent impulsive bearish pressure. After the recent fluctuation of price below $8,500, at present some bulls are pushing the market higher which explains a long-awaited retracement before bears push the price much lower. The overall crypto market is currently looking very slow and market sentiment is still indecisive. As for the current scenario, the price is expected to proceed higher towards $8,000 price area where the dynamic level of 20 EMA is currently residing. A rejection off the dynamic level may lead to further bearish pressure in the market with a target towards $5,500. On the other hand, a bullish journey towards $8,500 is expected to be quite corrective and slow after breaking above $8,000 with a daily close. As the price remains below $8,500, the bearish bias is expected to continue.

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