Bitcoin has been quite corrective recently after bouncing off the $7,800 area due to cancellation of the fork that was about to happen in the upcoming week. The market is still going through the effect of cancellation and this event is weighting on the Bitcoin whereas the impact is expected to be very short in length. Bitcoin has gone through such tough situations earlier this year which it has successfully taken over and gained well. As of the current situation, price is currently consolidating in a range between $6,900 to $7,500 level whereas it is currently residing above the Kumo Cloud and strong support area of $6,900-$7,000. The trend is still quite bullish and it has a higher chance of proceeding higher in the coming days. As the price remains above $6,900-$7,000 support area the bullish bias is expected to continue further.
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.