10.10.201818:22 Forex Analysis & Reviews: BITCOIN Analysis for October 10, 2018

Long-term review

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Bitcoin pushed lower impulsively today but could not sustain the bearish momentum below $6,500, which caused a bearish false break. Currently the price is residing above $6,500 area amid moderate bullish pressure, so thta the price might find support from the dynamic level of 20 EMA in the process. Moreover, the Kumo Cloud resistance is currently quite thin which can be broken above quite easily even by the corrective bullish pressure. As the price remains above $6,500 area, the bullish bias is expected to continue. However, breaking above $6,600 area will lead to impulsive bullish momentum.

SUPPORT: 6,000, 6,500

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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