BITCOIN Analysis for May 4, 2018

Bitcoin has been quite impulsive with the bullish gains recently. Yesterday, the price approached the psychological level of $10,000. Currently the price is residing above $9,600 area from where it is expected to reach $10,000 area. Later if it breaks above $10,000 with a daily close, further bullish pressure is expected to push the price higher towards $11,500 area in short term. The recent positive fundamentals on the upgrade of the Bitcoin network, transaction speed, and lower transaction cost have helped Bitcoin to regain some momentum and attract more market participants. As for the current scenario, the price is being carried by the dynamic levels of 20 EMA, Tenkan and Kijun sen which is expected to push the price much higher in the coming days. Though certain Bearish Divergence is in progress, the bullish bias is still quite intact as the price remains above $8,500 area with a daily close.

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The material has been provided by InstaForex Company - www.instaforex.com