Bitcoin has been quite impulsive with bearish pressure recently which pushed the price to reside below $6,500 but it managed to sustain the momentum above $6,000 support area. Despite having no negative fundamentals recently, the old conditioning is still assumed to be impacting the Bitcoin growth process. As of the current scenario, the dynamic levels are all cluttered while the bullish bias is still in the momentum. The Average True Range is still quite low indicating low liquidity in the market. As the price remains above $6,000 area, bulls are expected to interfere to push the price higher above $6,500 with a target towards $8,000 in the future.
The material has been provided by InstaForex Company – www.instaforex.com