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BITCOIN Analysis for May 18, 2018

Bitcoin has been quite bearish recently which lead the price to reside at the edge of $8,000. Bitcoin is currently quite weaker than expected as for retracement along the process. The bullish momentum which started after breaking above $6,500 was quite comfortable with the gains until the recent bearish pressure took over the market. As the bulls are still quite strong having the bears rejecting off the $8,000 price area currently, certain bullish momentum is expected in the coming days which is expected to push the price higher above $8,500 area. As of the current scenario, the impulsive bullish pressure can only be seen after the break above $9,000 with a daily close which will lead the price all the way towards $10,000 price area in the future. As the price remains above $8,000 with a daily close, the bullish bias is expected to continue.


The material has been provided by InstaForex Company -