BITCOIN Analysis for July 30, 2018
Bitcoin has been quite corrective after having an impulsive break above $8,000 as continuing the bullish momentum with the target towards $10,000 in the coming days. Though Bitcoin has been quite optimistic and the bearish momentum recently encountered was the part of the trend play as retrace, the price is expected to push higher. Though after the impulsive bullish pressure, the price has been quite indecisive for a few days and even today the price is a bit bearish but not quite with a definite pressure. In this case, the price is expected to correct itself a bit more as the dynamic level of 20 EMA hold the price and push it as support to a higher price point like $10,000 in the future. As the price remains above $6,500 area, the bullish bias is expected to continue further.
SUPPORT: 8,000, 6,500
MOMENTUM: CORRECTIVE AND VOLATILE