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23.07.201806:44 Forex Analysis & Reviews: BITCOIN Analysis for July 23, 2018

Long-term review

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Bitcoin has been quite bullish with the recent momentum which leads the price to reside above $7,500 area with a daily close and with a recent retest. Currently, the price is residing at the edge of 2 resistances, one is trendline resistance which started in February 2018 and the second psychological price area of $8,000. As the price heads towards $8,000 area, certain volatility may be observed as the price will be residing between the resistance levels. As the price breaks and closes above $8,000 with a daily close, the bullish momentum is expected to push the price towards $10,000 in the future. As of the current scenario, as the price remains above $6,500 area the bullish bias is expected to continue.

RESISTANCE: 8,000, 10,000

SUPPORT: 6,500

BIAS: BULLISH

MOMENTUM: IMPULSIVE

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