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Bitcoin has been consolidating above $8,000 for a few hours now after climbing above the area under strong impulsive bullish momentum. The price managed to extend a steady climb having confluence of dynamic levels.
It has been a perfect start for crypto currency investors. Recording double-digit gains over the last two quarters, Bitcoin stands out against other crypto currencies. BTC price has surged almost twice in the recent 12 months. Despite the persistent trade war, BTC investors are optimistic. The trade war between China and the United States has only worsened over recent weeks. Analysts proved that the start of the political dispute was not correlated with early April's Bitcoin boom and the subsequent rally. Nevertheless, some believe that because of the conflict, investors in Asia are looking to stock up on BTC.
Bitcoin is not seen as a correlated asset to the S&P 500. However, some analysts are sure that allocating capital to the Cryptocurrency, especially during this volatile trade war, is only logical.
Meanwhile, the price is being held by the dynamic level of 20 EMA trading above $8,000 while MACD is showing a bullish crossover above the zero level. The price has also formed a proper Elliott Wave formation while forming a wave 4 correction which is expected to lead to $9,000 by wave 5 formation. As the price remains above $8,000 with a daily close, the bullish bias is expected to continue.
SUPPORT: 7,500, 7,800, 8,000
RESISTANCE: 8,400, 8,500, 9,000
BIAS: BULLISH
MOMENTUM: VOLATILE
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