BITCOIN Analysis for October 29, 2018

After indecisive correction and a few days of volatility, the price pushed lower impulsively today towards $6,200 area. The impulsive bearish pressure was a bit of a shock for the Bitcoin bulls while certain Bullish Divergence failed to push the price higher. The price has formed an extreme low in MACD Histograms, resulting in Extreme Divergence which is expected to lead to certain Bullish retracement towards $6,400 area where the Kumo Cloud rests. Then, price moved lower again with a target towards $6,000. Despite the recent bearish momentum, the bullish bias still remains intact as the price is holding above $6,000 area with a daily close.

SUPPORT: 6,000

RESISTANCE: 6,500, 7,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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