Bitcoin has been consolidating throughout the week after breaking above $8,000 price area. Price has been extremely volatile as well which is currently taken as the impact of the recent Bitcoin wallet hacks. Though Bitcoin is going through some tough challenges right now but it has proved its strength by overcoming any drawback several times in past few months. Bitcoin has been forming V-Pattern Shaped price action since it broke above the $6,000 price area whereas the market behavior for the cryptocurrency has been quite same after this pattern took place. As of the current scenario, price is currently residing above the thin Kumo Cloud, which is due to the consolidation it is going through, which does indicate that the price is still quite bullish nature despite the major pullbacks below $8,000 price area recently. The dynamic level of 20 EMA, Tenkan, and Kijun Sen is also working as a support now for the price to push the price higher towards the range resistance of $8,300 price area. As the price remains above $7,500-$8,000 support area, the bullish bias is expected to continue further with a target towards $9,000 price area.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin has been consolidating throughout the week after breaking above $8,000 price area. Price has been extremely volatile as well which is currently taken as the impact of the recent Bitcoin wallet hacks. Though Bitcoin is going through some tough challenges right now but it has proved its strength by overcoming any drawback several times in past few months. Bitcoin has been forming V-Pattern Shaped price action since it broke above the $6,000 price area whereas the market behavior for the cryptocurrency has been quite same after this pattern took place. As of the current scenario, price is currently residing above the thin Kumo Cloud, which is due to the consolidation it is going through, which does indicate that the price is still quite bullish nature despite the major pullbacks below $8,000 price area recently. The dynamic level of 20 EMA, Tenkan, and Kijun Sen is also working as a support now for the price to push the price higher towards the range resistance of $8,300 price area. As the price remains above $7,500-$8,000 support area, the bullish bias is expected to continue further with a target towards $9,000 price area.
The material has been provided by InstaForex Company – www.instaforex.com
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