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17.10.201816:29 Forex Analysis & Reviews: BITCOIN Analysis for October 17, 2018

Long-term review

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After the recent breakout above $6,500 area with a strong impulsive bullish pressure, the price has been quite indecisive and volatile in Bitcoin. The price having no active Bullish Divergence phase in the process is expected to correct itself more while having a bullish bias to push the price upward in the coming days. The price is currently being held by the Kumo cloud resistance while being supported by the horizontal level at $6,500 area. Moreover, other dynamic levels such as 20 EMA, Tenkan, and Kijun line is currently flat and do not provide any indication for further decisions. As the price remains above $6,000-6,500 area, though certain corrections may be observed but the bullish bias is expected to continue further.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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