BITCOIN Analysis for May 3, 2018

Bitcoin is still consolidating in the mid-range of $8500 to $10,000 area from where the price is expected to push higher towards $10,000. The price is currently residing above $9000 area from where the price has greater probability of pushing higher. Though there are certain chances that the price will retrace towards $8500 area before showing any impulsive bullish momentum but as per current Kumo Cloud and Dynamic Level supports of 20 EMA, Tenkan and Kijun line building up, the price may not push lower before making a higher leap in the coming days. There has been certain speculation that if the price manages to break above $12,000 with a daily close, the impulsive bullish pressure is going to return to the market and the price is going to push higher with much impulsive pressure than before. As of the current scenario, the price is currently struggling to provide any definite bullish evidence in the process as expected but as the price remains above $8500, the bullish bias is expected to continue further in the coming days.

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