Bitcoin Technical Analysis for May 24, 2018

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Bitcoin bearish momentum after breaking below $8,000 is going on

quite well. The price is expected to sink much lower in the coming days.



A bearish breakout below $8,000 is speculated as sweeping away amateur investors from the market.



However, this process is expected to strengthen Bitcoin's gains in the medium term.



As for the current scenario, the price is expected to proceed lower towards $6,500 area from where a

certain bullish interventionis assumed in the future. As the price remains below $8,000 with a daily close, the bearish bias is expected to continue, though certain correction and volatility may be observed along the way as current daily candle is quite indecisive at the moment with a spinning top candle pattern.



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