FX.co ★ BITCOIN Analysis for May 23, 2018

Bitcoin has been quite impulsive within the bearish bias after breaking below $8,000 recently which is expected to push much lower towards $6,500 area in the coming days. Without any strong fundamental to support its bearish pressure, a slump below $8,000 was quite shocking for most market participants. Speculators are currently taking it as a hoax to clear the amateurs off the market. As for the current scenario, the price is currently residing below the dynamic levels of 20 EMA, Tenkan, and Kijun Sen for a while that is expected to push much lower towards $6,500 in the future before showing any promising bullish momentum in the future. As the price remains below $8,500 with a daily close, further bearish pressure is expected in this pair.