BITCOIN Analysis for August 29, 2018

Bitcoin has been quite impulsive with the recent bullish gains which has pushed the price higher above $7,000 area with a daily close which is expected to push further upward with target towards $8,000 in the coming days. The dynamic levels of 20 EMA, Tenkan and Kijun are going to have a Favorable Bullish Crossover which is indicating further bullish momentum in the process. Though the price can correct itself and show certain volatility as Kumo Cloud resistance is met but the overall pressure is impulsively bullish at the moment. As for the current scenario, the dynamic levels are expected to hold the price as support and price line cross over by the Chikou Span is expected to inject further bullish bias in the market which is expected to lead to further bullish momentum in the process with a target towards $8,000 and later towards $10,000 area in the future.

SUPPORT: 6000, 6500

RESISTANCE: 8000, 10000

BIAS: BULLISH

MOMENTUM: IMPULSIVE and NON-VOLATILE

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