BITCOIN Analysis for October 3, 2018

Bitcoin sank below $6,500 area today which triggered certain volatility in the market leading to indecision and corrections along the way. The price pushed below $6,500 area with strong impulsive bearish momentum which was immediately engulfed by the bullish pressure but it failed to push higher above $6,500 area with a daily close. The dynamic levels such as 20 EMA, Tenkan and Kijun line have been serving as resistance earlier which is expected to push the price much lower as the price remains below $6,500 area with a daily close. Though currently the price is pushing lower again just below $6,500 area, the bearish pressure is expected to strengthen again to push lower towards $6,000 area in the coming days.

SUPPORT: 6,000, 5,500

RESISTANCE: 6,500, 7,500

BIAS: BEARISH

MOMENTUM: VOLATILE

analytics5bb4e6fec3517.png

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