FX.co ★ BITCOIN Analysis for May 29, 2018

Bitcoin has been quite impulsive with the bullish gains today which has already engulfed the yesterday's bearish daily close. This will lead to certain bullish gains in the coming days. A sudden bullish gain today after a period of bearish pressure was a bit of a surprise to market participants. A break above $7,500 with a daily close will lead to further bullish gains in the market with a target towards $8,500. As for the current scenario, the price seems to return to the mean in the process which has lead to certain bullish gains today. The price is expected to push higher though the bullish pressure today not from any strong level. However, the engulfing bullish pattern does speak of itself for further gains in the coming days of the week.