FX.co ★ BITCOIN Analysis for April 12, 2018

Bitcoin has been quite impulsive with the bullish gains recently, leading the price to reside above $7,500 with a single daily move that indicates the current market sentiment. Having Bullish Divergence along the way, bitcoin suddenly pushed higher with an engulfing candle which was quite remarkable indeed. The price has currently violated the dynamic level resistance of 20 EMA which indicates the average market momentum has shifted quite well towards the bullish side. As for the current scenario, the price is expected to proceed higher towards $8,500 price area in the coming days. As the price remains above $5,000-5,500 area, the bullish bias is expected to continue.