Bitcoin has been surprisingly impulsive with the bearish momentum after impulsive bullish trade yesterday. The certain bearish pressure was without any negative news or reports which seems like a misleading price action in the current market situation. Though there has not been any positive news on the Bitcoin or any other crypto currencies, after a strong bullish momentum and engulfing the overall daily pressure the next day raises a question about the market sentiment. There has been some optimism in the market when the price bounced off the $6,500 area this week but today's sudden fall was quite surprising for the investors. As for the current scenario, the price is still expected to retrace at least towards $8,000 price area before showing further bearish pressure in the market. If that does not happen and price proceeds lower towards $5,500 price area, that would mean a strong counter move is going to occur from the $5,000-5,500 price area which will lead to much more impulsive bullish pressure according to the market behavior analysis. As the price remains above $5,000 area, bullish intervention will not be surprise for Bitcoin traders.
No comments:
Post a Comment