BITCOIN Analysis for August 6, 2018

Bitcoin has been indecisive recently after breaching below the 50% area of the previous impulsive bullish momentum it formed earlier. The price is currently residing below $7,000 area which is quite alarming for the investors as more downward momentum can be observed in the coming days. Though the price is still within the bullish bias and expected to push the price higher with a target towards $8,000 and later towards $10,000 area. The corrective indecision price action does also indicate the intervention of the bulls in the bearish impulsive pressure which also communicates certain bullish momentum for the future. As the price remains above $6,500 area with a daily close, the bullish bias is expected to continue.

SUPPORT: 6,500

RESISTANCE: 8,000, 10,000

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5b686d7d99f45.png

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