02.10.201817:59 Forex Analysis & Reviews: BITCOIN Analysis for October 2, 2018

Long-term review

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Bitcoin has been corrective and indecisive for a few days now. The price is struggling at the edge of $6,500 area. The price has squeezed quite tightly recently by the trendline resistance where a break with a daily close above the trend line and Kumo cloud resistance is expected to provide the required push for the price to move higher with a target towards $7,500 and later towards $8,000 area. The dynamic levels 20 EMA, Tenkan, and Kijun line is still quite indecisive whereas the Chikou Span is residing at the price line, showing no clear evidence of a breakout yet. A bounce off the $6,500 is expected to lead to bullish pressure in the process. As the price remains above $6,000-6,500 area with a daily close, the bullish bias is expected to continue further.

SUPPORT: 6,500, 6,000

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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