FX.co ★ BITCOIN Analysis for June 15, 2018

Bitcoin bounced above $6,500 area yesterday quite surprisingly. This opens the doors for the bulls to push the price higher for a certain period of time. Due to the recent negative reports about hacker attacks and Bitcoin experts signaling the price to move lower towards $5,000, the sentiment was quite against the bullish pressure. Nevertheless, yesterday we observed certain bullish pressure leading to a bullish daily close above $6,500 area, the price is expected to push higher for a certain period towards the dynamic level of 200 EMA residing at $7,000-7,500 area. After the price is rejected off the area, the bearish pressure is expected to continue to push the price lower with a target towards $5,000 area in the coming days. As the price remains below $8,000 area, the bearish bias is expected to continue further.