BITCOIN Analysis for August 27, 2018

Bitcoin has been quite corrective and volatile after it broke above $6,500 with a daily close recently. Bitcoin is still quite indecisive, struggling for gains. This dynamic is expected to encourage further bullish momentum in the coming days. The price is residing above dynamic levels of 20 EMA, Tenkan and Kijun line that is indeed a great sign of a further upward move, whereas the Chikou Span has also cleared the price line to ensure an impulsive momentum in the short term. As for the current scenario, despite the certain correction and volatility, BTC price is expected to push towards $8,000 as it remains above $6,500 area with a daily close.

SUPPORT: 6000, 6500

RESISTANCE: 7500, 8000

BIAS: BULLISH

MOMENTUM: VOLATILE AND CORRECTIVE

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The material has been provided by InstaForex Company - www.instaforex.com