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19.10.201811:27 Forex Analysis & Reviews: BITCOIN Analysis for October 19, 2018

Long-term review

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Bitcoin has been recently broken below $6,500 after certain correction for a few days above it, poised to move higher in the coming days. Though the price broke below $6,500 area with a daily close, the break was not quite impulsive to sustain the bearish momentum. Moreover, the price has formed Bullish Divergence which is expected to lead the price higher above $6,500 area but in a volatile and corrective manner. The price may get resisted by dynamic levels like 20 EMA, Tenkan, Kijun and Kumo cloud. However, as the price is expected to climb higher, it remains above $6,000 area with a daily close.

SUPPORT: 6,000

RESISTANCE: 6,500, 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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