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20.08.201817:51 Forex Analysis & Reviews: BITCOIN Analysis for August 20, 2018

Long-term review

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Bitcoin has been consolidating at the edge of $6,500 area for a while now which has created a small range at the edge of the strong resistance area. Though the previous price pressure was bearish having Tenkan line below the current price area is an indication of upcoming bullish momentum in the pair. The dynamic level of 20 EMA is still may hold the price as resistance but as the price clears above $6,500 area with a strong bullish daily close, further bullish momentum is expected in this pair with a target towards $8,000 area in the coming days. As the price remains above $6,000 area with a daily close, the bullish bias is expected to continue further.

SUPPORT: 6,000

RESISTANCE: 6,500, 8,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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