BITCOIN Analysis for April 4, 2018

Bitcoin has been surprisingly impulsive with the bearish momentum after impulsive bullish trade yesterday. The certain bearish pressure was without any negative news or reports which seems like a misleading price action in the current market situation. Though there has not been any positive news on the Bitcoin or any other crypto currencies, after a strong bullish momentum and engulfing the overall daily pressure the next day raises a question about the market sentiment. There has been some optimism in the market when the price bounced off the $6,500 area this week but today's sudden fall was quite surprising for the investors. As for the current scenario, the price is still expected to retrace at least towards $8,000 price area before showing further bearish pressure in the market. If that does not happen and price proceeds lower towards $5,500 price area, that would mean a strong counter move is going to occur from the $5,000-5,500 price area which will lead to much more impulsive bullish pressure according to the market behavior analysis. As the price remains above $5,000 area, bullish intervention will not be surprise for Bitcoin traders.


The material has been provided by InstaForex Company -