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16.08.201817:32 Forex Analysis & Reviews: BITCOIN Analysis for August 16, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin is still quite indecisive inside the corrective range of $6,000 to $6,500. The price has been a bit bullish recently after a certain bearish rejection off the $6,000 area with a daily close. The market is still residing in the indecisive phase where no definite pressure is being observed in the process. The price is being rejected off the parallel boundaries of $6,000 and $6,500 from where the price is expected to break higher because the false break structure has been formed in the process, following the previous price action. Meanwhile, a daily close above $6,500 is required for an impulsive bullish momentum in this pair which is expected to push higher towards $8,000 area in the coming days.

SUPPORT: 6000

RESISTANCE: 6500, 8000

BIAS: BEARISH

MOMENTUM: VOLATILE

Exchange Rates 16.08.2018 analysis

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