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Bitcoin managed to regain momentum after a certain throwback towards $7,500 area recently. The price is currently residing at the edge of $8,000 and after certain corrections along the way, the price is expected to resume a rise in the coming days.
BTC failed to break the resistance at $8,300 after several attempts, so it started a move downwards that looked convincing. It reached an intraday low of just over $7,500 before turning around and marching back upwards. The crypto market dumped around $15 billion as a result. It appears to have settled back in the channel and may well remain there for a few more days. Many traders and investors are still waiting for this to occur as prices have been surging upwards without any significant retreat since early February. Last Friday's flash crash knocked just 15 percent of bitcoin price, so a larger correction is still expected.
Overall, the crypto market has rebounded as another correction gets recovered. The big dip from yesterday was expected to accelerate today and throughout the weekend, but bitcoin and its brethren appear to have settled at higher levels of support and have managed to reach the resistance area of $8000 area again. So far, the total market capitalization has been back over $240 billion as a result.
As of the current scenario, the price is showing certain bearish pressure off the $8,000 area while forming the Bearish Continuous Divergence along the way. It indicates certain retrace towards the dynamic level of 20 EMA i.e. at $7,800 area. If the price shows any further evidence of bullish momentum off the rejection to the dynamic level of 20 EMA, i.e. $7,800 area, the price will possibly break above $8,000 and shoot for the $8,300 resistance area again in the coming days. As the price remains above $7,500 area with a daily close, the impulsive bullish pressure is expected to continue.
SUPPORT: 7,500, 7,800
RESISTANCE: 8,000, 8,300
BIAS: BULLISH
MOMENTUM: VOLATILE
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