BITCOIN Analysis for July 25, 2018

Bitcoin has been quite impulsive with the recent bullish gains which led the price to reside above $8,000 with a daily close. Having an impulsive daily close above $8,000 today, Bitcoin has been struggling to push the price higher with a target towards $10,000. Though the bullish gains were very impulsive, in the market context certain retracement can be seen before the continuation of trend moves as the dynamic level of 20 EMA, which is also the mean average, is quite far from the current price point. So, the price is expected to sink lower towards $7,500-8,000 area before it resumes the bullish trend with a target towards $10,000. As the price remains above $6,500 with a daily close, the bullish bias is expected to continue further.

SUPPORT: 7500-8000

RESISTANCE: 10,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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