Bitcoin has been quite corrective recently after being bounced off the $5,500 support area. The price has been struggling to surge higher since yesterday and break above the $6,700 price level which will break the resistance to proceed much higher in the future. After the drastic fall, the impulsive bullish pressure indicated that the bulls are still in the market and the downward move was not quite a market crash for the cryptocurrency. As of the current market situation, the price is forming a bullish flag at the edge of the resistance area of $6,500 to $6,700 which is expected to break above with an aim of proceeding higher towards $7,000 price area and later towards $8,000. As the price remains above $5,500 price level, the bullish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com