Bitcoin has been quite bearish with the recent momentum which leads the price to reside below $8,000 after breaking it with a daily close earlier. After breaking above the $8,000 area, the price was quite corrective leading to certain contraction in the process which was expected to lead to a higher impulsive leg with target towards $10,000 but as the price was quite away from the mean price i.e. the dynamic level of 20 EMA, certain retrace lower is not a surprise. Currently the price is expected to push higher as it got confluence with the dynamic level of 20 EMA today which is to lead the price towards $8,000 and later towards $10,000 if a daily close above $8,000 is observed in the coming days. As the price remains above $6,500 with a daily close, the bullish bias is expected to continue further.
RESISTANCE: 8,000, 10,000
SUPPORT: 6,500
BIAS: BULLISH
MOMENTUM: RETRACING & VOLATILE
