BITCOIN Analysis for October 5, 2018

Bitcoin is still quite corrective and volatile while residing above $6,500 area with a daily close. The price has been consolidating at the edge of $6,500 for a few days now which is expected to lead to certain bullish pressure in the coming days. The price is currently being held as support by the dynamic levels of 20 EMA, Tenkan and Kijun lines, whereas there is no sign of Bearish Divergence along the way which does indicate that as the price remains above $6,500 and the dynamic levels as well as Kumo cloud, the price is expected to push higher with a target towards $7,500 and later towards $8,000 area in the future.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5bb72db7eb04b.png

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