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18.10.201817:37 Forex Analysis & Reviews: BITCOIN Analysis for October 18, 2018

Long-term review

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Bitcoin has been quite low on liquidity and indecisive for a few days in a row after breaking above $6,500 area amid strong bullish momentum. The price is currently being held by the Kumo Cloud as resistance whereas other dynamic levels such as 20 EMA, Tenkan and Kijun line are currently flat. As BTC price has no definite trend pressure, it is expected to trade above $6,000-6,500 area and then climb higher. The Kumo Cloud can be observed shrinking, whereas strong bullish momentum is likely to push the price towards the area from $7500 to $8000 in the coming days.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: CORRECTIVE and VOLATILE

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