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25.05.201810:34 Forex Analysis & Reviews: BITCOIN Analysis for May 25, 2018

Long-term review

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After the indecisive daily close yesterday, today Bitcoin has been quite impulsive in the bearish bias that is expected to lead to further downward momentum in the coming days. Bitcoin has been sold off for weeks. The price was expected to retrace along the way to continue the bullish trend. Though there was a certain hype about Bitcoin after Consensus 2018 event which was the largest attended version of block chain events, Bitcoin failed to impress the bulls. As for the current scenario, the price is expected to proceed much lower towards $6,500 area without any strong intervention of the bulls along the way as current H4 candle has already engulfed the previous bullish price actions. As the price remains below $8,000 area, the bearish bias is expected to continue further.

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