Analysis of BITCOIN for November 8, 2018

Bitcoin's struggle to keep above $6500 is getting more mainstream where a strong bearish pressure is being observed currently which pushed the price impulsively lower towards $6400 area while the dynamic level of 200 EMA also resides. The dynamic level of 200 EMA is currently working as support above $6400 area from where certain bullish pressure is expected but only as certain retrace. The bullish bias is currently in pause until the price breaks above $6500 area with a daily close. As the price remains below $6500 area, the bearish pressure and volatility is expected to persist in the process but the bias is still bullish as the price remains above $6000 area with a daily close.

SUPPORT: 6000, 6400

RESISTANCE: 6500, 7000, 7500

BIAS: BULLISH

MOMENTUM: VOLATILE

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