FX.co ★ BITCOIN Analysis for April 16, 2018

Bitcoin has been quite impulsive with the bearish gains after a long series of bullish pressure since it broke above $6,500 price area. The price recently bounced off the $8,300 area from where today certain bearish pressure was observed. The bullish pressure is expected to continue further while trying to breach above $8,500 with a target towards $10,000 in the coming days but before that certain bearish pressure as a form of retracement is quite normal. The confidence of the bulls seemed to be back again and expected to push the price much higher in the coming days. As of the current scenario, the price is expected to proceed higher as it remains above $7,000 price area with a daily close. The price has already breached above the dynamic levels of 20 EMA and Ichimoku lines as well. So as a result, further bullish bias is expected in the Bitcoin market.