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14.08.201818:15 Forex Analysis & Reviews: Analysis of BITCOIN for August 14, 2018

Long-term review

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Bitcoin has been quite indecisive recently residing inside the corrective range from $6,000 to $6,500 area. The price has been rejecting off the support of $6,000 and resistance of $6,500 area without any strong breakout from the levels. The bearish pressure is quite strong now in comparison with bulls which is expected to push the price lower as of the current price structure or formation. However, for confirmation of the trend, a daily close above or below the range area is required. As of the current scenario, a daily close above $6,500 or below $6,000 area is a must for the upcoming definite momentum for the Bitcoin future but as of current pressure, the bears are expected to dominate as the price remains below $6,500 with a daily close.

SUPPORT: 6,000, 5,500, 5,000

RESISTANCE: 6,500, 8,000, 10,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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