BITCOIN Analysis for September 11, 2018

Bitcoin has been quite indecisive and volatile recently while residing inside the corrective range of $6,000 to $6,500 area with a daily close. The price has been quite impulsive inside the bearish bias earlier which led the price to reside inside the support area from where a definite impulsive breakout is needed for a further direction and momentum in the coming days. Currently the price is indecisive amid bearish pressure whereas the reduction of impulsive momentum inside the range indicates emerging weakness of bears in the process. A daily close above $6,500 is a must for further bullish momentum to take place in this market whereas the bearish pressure is expected to continue as it remains below $6,500 with a daily close.

SUPPORT: 6000, 5500

RESISTANCE: 6500, 7500, 8000

BIAS: BEARISH

MOMENTUM: VOLATILE

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