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23.03.201807:50 Forex Analysis & Reviews: BITCOIN Analysis for March 23, 2018

Long-term review

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Bitcoin is currently residing below $8,500 price area, though a daily close was not observed yesterday. Some speculation is going on about the global trading war which is assumed to lead to certain bearish pressure in Bitcoin and other markets in the world. Bitcoin was expected to hold steadily above $8,500 price area but the impulsive bearish pressure made the market more indecisive and uncertain along the way. As for the current scenario, a daily close below $8,500 will lead to further bearish pressure in the pair with a downward target towards $5,000 price area. The bearish momentum had confluence off the dynamic level of 20 EMA which undermined the bullish market sentiment. As the price remains below $8,500, further bearish pressure is expected to continue in BTC.

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