BITCOIN Analysis for August 7, 2018

Bitcoin pushed higher as expected which has to lead the price to reside above $7,000 area which is indeed a good sign for the upcoming bullish momentum. After the recent bearish momentum which leads the price below $8,000 with a daily close did put some indecision in the market sentiment whereas recent volatility did indicate the upcoming bullish momentum in the process. Though the price has still not cleared $8,000 area to indicate the upcoming impulsive bullish momentum but engulfing the previous bearish and indecisive pressure by a single daily candle is a strong proof that the buyers are still alive and kicking. As of the current scenario, the price is expected to push higher towards $8,000 and later towards $10,000 as the price remains above $6,500 with a daily close.

SUPPORT: 6,500

RESISTANCE: 8,000, 10,000

BIAS: BULLISH

MOMENTUM: IMPULSIVE

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