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16.05.201813:46 Forex Analysis & Reviews: BITCOIN Analysis for May 16, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin has been ranging between the support area of $8,000 to $8,500 for a while now where the bullish bias still exists in the market. After the recent rejection of the bears off the $8,500 area, there were certain possibilities that the price will be proceeding higher towards $10,000, but at the next day, the price collapsed below it with a daily close. As there was no major fundamental to accelerate the bullish gains in Bitcoin, NASDAQ took interest in Bitcoin which is expected to strengthen the gains in the coming days. As of the current scenario, the price is still being held by the Kumo Cloud quite well above the $8,000 area which is expected to push higher once it clears above $9,000 with a daily close. As the price remains above the $8,000 area, further bullish pressure is expected in Bitcoin in future.

Exchange Rates 16.05.2018 analysis

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