BITCOIN Analysis for August 8, 2018

Bitcoin resumed its bearish impulsive momentum even today which lead the price to breach below $6,500 support area as well. It was quite a stunner for the Bitcoin bulls as the optimism was at the peak and as speculators were waiting for a retrace and continue the based trading pattern, returning to the ZERO point which is at $6,500 did engulf the previous bullish pressure in the market quite easily. As of the current scenario, the price is still residing at the edge of $6,500 and Kumo Cloud dynamic support area whereas Chikou Span is also expected to get strong support from the Price Line, so as the price remains above $6,000-6,500 area with a daily close, further bullish momentum is expected in the coming days and the target will be as usual $8,000 and later $10,000.

SUPPORT: 6,000-6,500

RESISTANCE: 8,000, 10,000

BIAS: BEARISH

MOMENTUM: IMPULSIVE

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