BITCOIN Analysis for October 8, 2018

Bitcoin has been quite corrective and volatile recently while residing at the edge of $6,500 area with a daily close. The price has managed to move higher quite impulsively today which provided a significant advantage of the bulls over bears This price move is expected to lead to further upward pressure in the coming days. The price is still being held and supported by the dynamic levels like 20 EMA, Tenkan, and Kijun line while breaking above the Kumo Cloud with certain retests along the way. As the price remains above $6,500 area, with certain corrections and retracements, the price is likely to push higher with a target towards $7,500 and later towards $8,000 in the future.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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