BITCOIN Analysis for June 6, 2018

Bitcoin has been quite indecisive and corrective recently below $8,000 area where no definite trend pressure can be observed. The price has been quite in a downward bias recently. The price was expected to push lower to a certain support area before pushing higher but instead it rejected the bears and closed with a bullish Pin Bar shaped body daily candle. Though the dynamic level of 20 EMA and market structure are still bearish, certain correction and bearish pressure is still expected as the price remains below $8,000. The bullish bias in this case can be only trusted after the price breaks above $8,000 with a daily close which will push the price higher towards $10,000 in the future. For now, as the price remains below $8,000, certain correction and bearish pressure can be observed in the process.

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