BITCOIN Analysis for August 30, 2018

Bitcoin has been quite impulsive with the recent bullish gains which lead the price above $7,000 after breaking above $6,500 with a daily close. The price has recently formed bearish pressure in the process at the edge of the Kumo Cloud resistance which is expected to lead to certain bearish retracement towards the dynamic levels of 20 EMA and Tenkan line from where the price is expected to climb higher again with a target towards $8,000 area. Despite having no fundamentals effecting the Bitcoin gains now, any bearish momentum in the process is considered a cause of exhaustion. As the price remains above $6,000 area with a daily close, the bullish bias is expected to continue further.

SUPPORT: 6000, 6500

RESISTANCE: 7500, 8000, 10000

BIAS: BULLISH

MOMENTUM: VOLATILE

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