BITCOIN Analysis for October 30, 2018

After a strong plunge recently, Bitcoin is currently correcting itself along the way. The price being resisted by the dynamic levels of 20 EMA, Tenkan and Kijun line that may lead to further corrections and bearish pressure. Meanwhile, because of the lack of Bullish Divergences, there is a low probability that the price could move higher towards $6,500 area. In the short term, if the price manages to break above the Kumo Cloud resistance with a daily close which holds above $6,350 area, the price is expected to push higher with a target towards $6,500 area. As the price remains above $6,000 area, the bullish bias is likely to remain intact.

SUPPORT: 6,000

RESISTANCE: 6,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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