BITCOIN Analysis for July 31, 2018
Bitcoin has been quite impulsive with bearish swings today which made the price break below $8,000, defying the sentiment about pushing higher with a target towards $10,000 area. Despite the today’s impulsive bearish pressure, the price is still expected to push higher and the overall bullish bias is still intact as the dynamic level of 20 EMA is expected to work as important support for a while. The bearish pressure today engulfed the previous bullish corrective momentum. However, as the price remains above $6,500 with a daily close, the bullish bias is expected to continue to push the price higher with a target towards $10,000 in the coming days.
RESISTANCE: 8000, 10000
BIAS: Long-term Bullish, Short-term Bearish