BITCOIN Analysis for May 8, 2018

Bitcoin is currently residing at the edge of $9,000 price area after an impulsive bearish pressure today as expected. The price has been in a bearish momentum since it bounced off the $10,000 price area after being under non-volatile bullish pressure since it broke above $6,500 with a daily close. Though not only Bitcoin but all cryptocurrencies have fallen in value since the start of the week that is currently speculated as a form of retracement before pushing higher in the future. The bullish sentiment is quite strong now. BTC is expected to wait in the support area of $9,000 to start pushing the price higher, aiming to break above $10,000 price area and approach $11,500 in the future. As for the current scenario, the price is expected to consolidate above $8,500 area. With certain bearish rejections along the way with confluence to the dynamic levels of 20 EMA, Tenkan and Kijun line, the price is expected to show further bullish pressure in the coming days.


The material has been provided by InstaForex Company -