BITCOIN Analysis for October 26, 2018

Bitcoin recently pushed higher quite impulsively towards $6,500 area but could not sustain the momentum resulting to rejection off the area with certain bearish pressure. The price having certain correction along the way formed Bullish Divergence which led the price to break above the dynamic levels like 20 EMA, Tenkan, Kijun, and Kumo Cloud as well. Though the price rejected off the $6,500 area, it is currently residing at the edge of Kumo Cloud support which is expected to lead to further bullish pressure with a target towards $6,500. Later if a daily close is observed above the area it may also extend a rally towards $7,500 in the future. As the price remains above $6,000 area, the bullish bias is expected to continue.

SUPPORT: 6,000

RESISTANCE: 6,500, 7,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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