06.08.201817:48 Forex Analysis & Reviews: BITCOIN Analysis for August 6, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin has been indecisive recently after breaching below the 50% area of the previous impulsive bullish momentum it formed earlier. The price is currently residing below $7,000 area which is quite alarming for the investors as more downward momentum can be observed in the coming days. Though the price is still within the bullish bias and expected to push the price higher with a target towards $8,000 and later towards $10,000 area. The corrective indecision price action does also indicate the intervention of the bulls in the bearish impulsive pressure which also communicates certain bullish momentum for the future. As the price remains above $6,500 area with a daily close, the bullish bias is expected to continue.

SUPPORT: 6,500

RESISTANCE: 8,000, 10,000

BIAS: BULLISH

MOMENTUM: VOLATILE

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade