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22.10.201817:08 Forex Analysis & Reviews: BITCOIN Analysis for October 22, 2018

Long-term review

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Bitcoin is currently residing below $6,500 area having certain indecision and correction along the way. The volatility at the edge of $6,500 has bee going on for a few months in a row which accounts for stabilization of the Bitcoin price. In light of the recent news, some regulations on Bitcoin may be imposed which might lead to a further decrease in value if the market sentiment reacts to it negatively. Meanwhile, the price has formed a short-term Bullish Divergence recently which is expected to lead to certain bullish pressure for a while. However, a daily close above $6,500 is to provide the required confirmation for the upcoming impulsive bullish pressure. As the price remains above $6,000 area, the bullish bias is expected to continue further.

SUPPORT: 6,000

RESISTANCE: 6,500, 7,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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