For Traders

Analytical Reviews

Crypto-currencies

20.07.201811:18 Forex Analysis & Reviews: BITCOIN Analysis for July 20, 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 able to sustain the bullish momentum it had since it had broken above $6,500 area with a daily close earlier. Though the price has been expected earlier to hit the $5,000 area before showing any impulsive bullish pressure, the price bouncing above $6,000 area inspired some optimism about a further price move of Bitcoin. Its price is currently getting closer to $8,000 resistance area. At present, there has been a lot of speculations going on about Bitcoin but the price is quite bullish despite the recent correction in the intraday charts. As the price remains above $6,500 area with a daily close, despite being inside the Kumo Cloud resistance, the price is expected to push higher towards $8,000-8,500 area in the coming days.

SUPPORT: 6500

RESISTANCE: 8000-8500

BIAS: BULLISH

MOMENTUM: CORRECTIVE

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade