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16.10.201817:26 Forex Analysis & Reviews: BITCOIN Analysis for October 16, 2018

Long-term review

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Bitcoin is currently trading esiding inside a corrective tight range between $6,500 to $6,700 area after breaking above the $6,500 with strong momentum heading above $7,000 within just 2 hours. The dynamic levels such as 20 EMA, Tenkan, and Kijun lines are currently indicating a heavy correction in the market, whereas a tight range signals that a strong breakout is about to come. The price is currently consolidating above $6,500 area, from where the price could break above $6,700 as well as the Kumo Cloud resistance. The price is expected to climb higher towards $7,500 and later towards $8,000 area in the future. As the price remains above $6,000-6,500 area, the bullish bias is expected to continue further in the coming days.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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