BITCOIN Analysis for October 4, 2018

Bitcoin has been extremely volatile and indecisive recently. The price is climbing higher above $6,500 amid impulsive pressure recently, labeling the price action below $6,500 earlier as a false break. The price used to be quite volatile and indecisive earlier. However, the bullish momentum is currently quite strong because of a break above $6,500 and because of a Dynamic levels cross of 20 EMA, Tenkan and Kijun line. The price has retraced a bit throughout the day but remains above Kumo Cloud. Support by the dynamic levels above $6,500 is an indication of further bullish pressure with a target towards $7,500 and later towards $8,000 in the future. As long as the price remains above $6,000-6,500 area, the bullish bias is expected to continue.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5bb63db922d35.png

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