BITCOIN Analysis for June 27, 2018

Bitcoin has been correcting itself below $6,500 area for a few days in a row. The price is heading lower currently with a target towards $5,000 in the short term. Market participants are currently quite worried about the Bitcoin's fall below $6,500 area recently. This fall is assumed as the result of recent hacking attempts on several cryptocurrency exchanges. The slump in the Bitcoin's value marks a new sense of uncertainty but the trading volumes are still consistent that is viewed as positive signs at present. As for the current scenario, the price is expected to decline towards $5,000, making confluence with the dynamic level of 20 EMA with non-volatile bearish momentum by the side. As the price remains below $6,500 area with a daily close, the bearish bias is set to continue further.


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