BITCOIN Analysis for August 22, 2018

Bitcoin has been quite impulsive with the bullish gains recently which lead the price to reside above $6,500 area where the price has been struggling to break out for a few days. The price has not yet settled above $6,500 but as the price closes with a daily candle above $6,500 further bullish momentum is expected in the coming days. The price has breached above the dynamic level of 20 EMA as well and heading towards the Kijun and Kumo Cloud resistance which might stop the price bullish pressure for certain periods while surging higher with a target towards $8,000. As the price remains above $6,000 area, the bullish bias is expected to continue further.

SUPPORT: 6,000

RESISTANCE: 6,500, 8,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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