Bitcoin price approaches the first target – Analysis - 17-05-2018

Bitcoin price approached our first waited target at 8000.00 yesterday and bounced bullishly to fluctuate around 8300.00 level now, noticing that the EMA50 keeps pushing negatively on the price to support the continuation of trading inside the minor bearish channel that appears on the chart, reinforcing the chances of continuing the bearish bias in the upcoming period.

Therefore, we are waiting for negative trading today conditioned by the price stability below 8643.35, noting that surpassing the first target will push the price towards 7000.00 as a next main station.

Expected trading range for today is between 7700.00 support and 8600.00 resistance

Expected trend for today: Bearish