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19.07.201817:21 Forex Analysis & Reviews: BITCOIN Analysis for July 19, 2018

Long-term review

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Bitcoin has been able to sustain the bullish momentum it gained since it broke above $6,500 area with a daily close recently. As the price is extending gains, the bullish momentum is stable and consistent that indicates further bullish pressure in the market with a target towards $8,000. As the price is still holding above $7,000 area with a daily close, the bullish pressure is expected to continue without a strong counter-move in the process. At present, the price is still residing inside the Kumo Cloud resistance from where there are some chances of falling lower. Nevertheless, amid the bullish momentum, and as the price remains above $6,500 with a daily close, it is expected to climb higher with a target towards $10,000 and later towards $11,500.

SUPPORT: 6500

RESISTANCE: 8000

BIAS: BULLISH

MOMENTUM: NON-VOLATILE and CORRECTIVE

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