Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

BITCOIN Analysis for July 16, 2018

July 16, 2018 Analytics

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Bitcoin has been quite indecisive below $6,500 price area earlier which is being taken out with a daily candle currently. After the recent hack attack which injected insecurity among market participants, the price has been quite volatile which even made the price reside below $6,500 area for a certain period. Though there have been certain rumors about a ban on crypto trade in some countries, speculators assume the overall Crypto market to gain its pace by the end of July that could push BTC price much higher in the coming days. At present, the price is heading towards the Kumo Cloud which may act as strong resistance. However, if price manages to remain above $6,000-6,500 area with a daily close in the coming days, the bullish pressure is likely to push the price higher towards $8,000 in the future without much bearish intervention in the process.

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The material has been provided by InstaForex Company – www.instaforex.com

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