FX.co ★ BITCOIN Analysis for May 1, 2018

Bitcoin has been quite bearish today as expected after the recent consolidation at the edge of $9,000 price area. The price is currently residing below $9,000 and expected to proceed towards $8,000-$8,500 support area before showing any bullish intervention to push the price higher in the future. The bulls are still can be observed having control over the bears in the process whereas the retracement for a certain period after an impulsive bullish breakout was quite needed for getting back more bulls in the process. The price is being held by the Kumo Cloud as support whereas the dynamic level of 20 EMA is also expected to work as a confluence to push the price higher after certain downward momentum. As the price remains above $8,000 area, the bullish bias is expected to continue further with a target towards $10,000 in the coming days.