BITCOIN Analysis for October 9, 2018

Bitcoin has been quite indecisive with the recent price action. The price jumped higher above $6,600 yesterday. Today, the price reversed its direction, dropping lower at same strength today. The overall trend momentum is seen as neutral in the current market situation. The price has been impulsive amid the bearish pressure, having a bearish Tenkan and Kijun line cross along with Kumo Cloud break below. Nevertheless, the price is still expected to climb higher as it remains above $6,000-6,500 area. The price may correct a bit more in the coming days before pushing higher, whereas a break above $6,600 again is not ruled out which could lead to an impulsive bullish move in the coming days.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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