Bitcoin has been consolidating and correcting itself in the volatile market situation which is being observed currently. The price has been residing at the edge of $6,500 area from where further correction is expected before pushing higher at the current market structure. The Kumo Cloud resistance has widened up quite well which is expected to provide a strong resistance for the price to push higher with a target towards $8,000 in the future. Meanwhile, the price is expected to stall and proceed quite slowly towards $7,000-7,200 area after which the price is expected to push higher impulsively towards $8,000 area. As the price remains above $6,000-6,500 area, the bullish bias is expected to continue.
SUPPORT: 6,500, 6,000
RESISTANCE: 7,500, 8,000
BIAS: BULLISH
MOMENTUM: VOLATILE
