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15.08.201809:42 Forex Analysis & Reviews: BITCOIN Analysis for August 15, 2018

Long-term review

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Bitcoin has rejected off the $6,000 area with a daily close yesterday that is expected to lead to further bullish momentum in the coming days. Though impulsive bullish pressure is not ruled out, a daily close above $6,500 is required to have further impulsive momentum which might lead the price towards the target of $8,000 area in the coming days. Meanwhile, a daily close above $6,500 is expected to inject further bullish momentum. As the price remains above $6,000 with a daily close, the bullish bias is likely to continue further despite the dynamic levels like 20 EMA, Tenkan and Kijun line which might work as resistance in the process.

SUPPORT: 6000, 5500, 5000

RESISTANCE: 6500, 8000

BIAS: BEARISH

MOMENTUM: VOLATILE

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