FX.co ★ BITCOIN Analysis for May 17, 2018

Bitcoin has been struggling to get over $8,500 price area whereas due to optimistic speculation and positive fundamentals published recently it was supposed to push higher towards $10,000 area. The price is currently residing below $8,500 area from where certain volatility and corrective momentum is expected in the coming days. Recently, USD has been quite strong in general which is expected to be one of the causes for Bitcoin's bearish pressure despite lack of negative fundamentals recently. As for the current scenario, the price is still residing inside the Kumo Cloud and over $8,000 area which is expected to lead to a further bullish bias in the coming days. However, until price clears above $9,000 with a daily close, no such impulsive bullish momentum is expected to be observed. On the other hand, a break below $8,000 with a daily close will terminate the bullish bias and lead to an impulsive downfall towards $6,500 again.