BITCOIN Analysis for May 7, 2018

Bitcoin is currently quite bearish in nature after being bounced off the $10,000 price area recently. Bitcoin has been quite non-volatile and impulsive with the bullish pressure recently which lead the price nearer to the psychological level of $10,000. Though there has been a lot of speculations that the price will clear $10,000 with ease but recently the speculated proved wrong when the price rejects off the $10,000 with an impulsive bearish pressure. Though the trend is still quite bullish and still there are certain support areas like Kumo Cloud, Dynamic level of 20 EMA, Tenkan and Kijun line and also the price area of $8,500 which has been an important area of support as well. Certain Bearish Divergence is also observed along the way which is expected to lead to upcoming retracements before pushing higher in the future. As for the current scenario, the price is expected to correct itself along the way. We foresee a push higher breaching above $10,000 and heading towards $11,500 in the coming days. As the price remains above $8,500 area, the bullish bias is expected to continue further.


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