BITCOIN Analysis for September 04, 2018

Bitcoin has been quite impressive and impulsive with the recent bullish momentum which lead the price to reside above the Kumo Cloud resistance as well as $7,200 area with a daily close while also having a Tenkan and Kijun line bullish cross as well. The bullish momentum of the bitcoin is currently quite impulsive and non-volatile for which no deeper pullbacks along the way was observed and it is expected to lead to $8,000-8,500 resistance area with ease in the coming days. As of the current scenario, price remaining over $6,000-6,500 support area with a daily close is expected to incourage a further bullish bias in the market.

SUPPORT: 6000, 6500

RESISTANCE: 7500, 8000, 10000

BIAS: BULLISH

MOMENTUM: NON-VOLATILE

analytics5b8eb26d59464.png

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