Bitcoin recently was rejected off $7,500 within an impulsive non-volatile bullish trend. The price is currently trading at near $7,000 making a correctional decline in a volatile manner.
The world’s largest cryptocurrency hit a new yearly peak at $7,568.32, thus bringing its year-to-date net rebound up to 140 percent according to San Francisco-based Coinbase exchange. The consistent momentum indicates that bulls are currently in control and expected to push the price higher towards $8,000 in the coming days. Moreover, online investment service TD Ameritrade began offering stimulated bitcoin trading through Nasdaq, raising hopes that a full-fledged bitcoin adoption was underway.
Currently BTC price is trading firmly above $7,000. MACD showing a squeezing bearish histogram signals a bounce off $7,000 that may push the price towards higher with a target towards $8,000 in the coming days. After certain corrections and false breaks below $7,000, the bullish pressure is constant. Besides, being above the dynamic level of 20 EMA reaveals the continuation of the bullish momentum. As the price remains above $7,000 area further upward pressure is expected in the future.
SUPPORT: 6,500, 7,000
RESISTANCE: 7,500, 7,750, 8,000
The material has been provided by InstaForex Company – www.instaforex.com
Source:: BITCOIN Analysis for May 13, 2019