BITCOIN Analysis for October 12, 2018

Bitcoin is still correcting below $6,500 amid certain bullish pressure, trying the push the price higher in the process. The price is being held by dynamic levels like 20 EMA, Tenkan and Kijun line as support. The Chikou Span is already closing above the Price line which indicates certain bullish pressure in the short term. Though the bulls are currently trying to assert their strength, a break above the Kumo Cloud resistance is very important for a further rise towards $6,500. A daily close above $6,500 is expected to generate more bullish pressure for the future. As the price remains above $6,000 area, the bullish bias is expected to continue for Bitcoin in the coming days.

SUPPORT: 6000

RESISTANCE: 6500, 7500

BIAS: BULLISH

MOMENTUM: VOLATILE

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