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BITCOIN Analysis for May 16, 2018

Bitcoin has been ranging between the support area of $8,000 to $8,500 for a while now where the bullish bias still exists in the market. After the recent rejection of the bears off the $8,500 area, there were certain possibilities that the price will be proceeding higher towards $10,000, but at the next day, the price collapsed below it with a daily close. As there was no major fundamental to accelerate the bullish gains in Bitcoin, NASDAQ took interest in Bitcoin which is expected to strengthen the gains in the coming days. As of the current scenario, the price is still being held by the Kumo Cloud quite well above the $8,000 area which is expected to push higher once it clears above $9,000 with a daily close. As the price remains above the $8,000 area, further bullish pressure is expected in Bitcoin in future.


The material has been provided by InstaForex Company -