23.08.201818:22 Forex Analysis & Reviews: BITCOIN Analysis for August 23, 2018

Long-term review

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Bitcoin has been extremely volatile and indecisive recently which broke above $6,500 yesterday but closed below the area with a daily candle. The price has been residing inside the range of $6,000 to $6,500 area from where the range is still continued without any definite momentum in the process. The dynamic level of 20 EMA has acted quite strong as resistance for the price keeping it lower which is expected to inject further volatility for the coming days. Despite the recent False-Break, the bullish bias is expected to continue as the price remains above $5,000 area and breaking above $6,500 with a daily close is expected to inject further impulsive momentum in the process.

SUPPORT: 6,000

RESISTANCE: 6,500, 8,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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