BITCOIN analysis of August 21, 2018

Bitcoin is still quite indecisive below $6,500 area which is going nowhere as of the current market structure. The price has been quite impulsive with the bearish gains yesterday which lead the price towards the Tenkan line dynamic support level and today an impulsive bullish counter was again observed which put the bulls at the front seat again. Though the price has been indecisive but having dynamic support respected well in the process is expected to inject further bullish momentum in coming days. As of the current scenario, a daily close above $6,500 is still expected for the price to push higher impulsively with target towards $8,000 area in the future.

SUPPORT: 6,000, 5,500

RESISTANCE: 6,500, 8,000

BIAS: BEARISH

MOMENTUM: VOLATILE

analytics5b7c3ccf5b1e2.png

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