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17.09.201818:18 Forex Analysis & Reviews: BITCOIN Analysis for September 17, 2018

Long-term review

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Bitcoin has been quite impulsive with the bearish momentum today after retesting and being rejected off the $6,500 area for a few days. Today the price has engulfed the previous 4 days of price action. Having confluence from the dynamic level of 20 EMA, the bearish pressure has gained good momentum in the process as well. Though the bias is still slightly bullish depsite today's bearish dominance in the market, the price is expected to head towards $6,000 area for another retest of the support. If the price manages to remain above $6,000 in the coming days, the bullish bias is expected to set the tone.

SUPPORT: 6000

RESISTANCE: 6500

BIAS: BEARISH

MOMENTUM: IMPULSIVE

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