Bitcoin has been quite impulsive with the bearish gains which lead the price to reside below the $6,500 price area which is currently being recovered with an impulsive bullish pressure in the market. There has been some worse news for Bitcoin whereas certain speculators are expecting Bitcoin to reach the Death Cross in the future. Though there have been some statements about Bitcoin being reliable and staying longer, but there has been equal number of bad forecasts as well. Moreover, Japanese regulators are again trying to regulate the cryptocurrency market which had a bad influence in the overall gain for Bitcoin in the process. As of the current scenario, the price is expected to show some bullish move towards the $8,000 price area which will lead to confluence of the dynamic level of 20 EMA and then again continue to the bearish trend with target towards $5,500. As the price remains below the $8,500 price area, the bearish bias is expected to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin has been quite impulsive with the bearish gains which lead the price to reside below the $6,500 price area which is currently being recovered with an impulsive bullish pressure in the market. There has been some worse news for Bitcoin whereas certain speculators are expecting Bitcoin to reach the Death Cross in the future. Though there have been some statements about Bitcoin being reliable and staying longer, but there has been equal number of bad forecasts as well. Moreover, Japanese regulators are again trying to regulate the cryptocurrency market which had a bad influence in the overall gain for Bitcoin in the process. As of the current scenario, the price is expected to show some bullish move towards the $8,000 price area which will lead to confluence of the dynamic level of 20 EMA and then again continue to the bearish trend with target towards $5,500. As the price remains below the $8,500 price area, the bearish bias is expected to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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