FX.co ★ BITCOIN Analysis for May 21, 2018

Bitcoin has been quite bearish recently which lead the price to reside at the edge of $8,000 support area. The price is currently showing some bearish rejection in the process which is expected to push higher towards $8,500 and later towards $9000 in the coming days. Though there have not been any negative fundamental on the cryptomarket and Bitcoin, such bearish momentum is viewed as a result of investors' insecurity or just a hoax created for sweeping amateur traders away from the market. As for the current scenario, the price is expected to push higher towards $9,000 with a slower pace. Later if the price breaks above $9,000 with a daily close, further impulsive momentum is expected with a target towards $10,000 in the future. As the price remains above $8,000 support area with a daily close, the bullish bias is expected to continue further.