28.08.201813:26 Forex Analysis & Reviews: BITCOIN Analysis for August 28, 2018

Long-term review

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Bitcoin has been impulsive with the recent bullish gains above $6,500 area which has engulfed the previous indecisive and corrective price action. The price has recently bounced off the dynamic levels of 20 EMA and Tenkan Line. This move is expected to push the price higher towards the Kumo Cloud resistance, residing at $7,500 area. If the price manages to break above $7,500 with a daily close, further bullish momentum with a target towards $8,000 will go on. Meanhwile, the bullish bias is expected to continue as the price remains above $6,500 with a daily close. Further impulsive bullish pressure is likely to continue in the short term.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: IMPULSIVE

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