06.11.201817:01 Forex Analysis & Reviews: BITCOIN Analysis for November 6, 2018

Long-term review

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Bitcoin is still quite corrective and volatile, trading above $6,400 area with a daily close. The price is currently residing above the dynamic levels of 20 EMA, Tenkan and Kijun line. Besides, Chikou Span is currently held between the price lines. The current formation indicates further bullish pressure in the coming days. The price has formed Inverted Head and Shoulder along the way, being rejected off the 200 EMA which also indicates bullish momentum in the short term. As the price remains above $6,000 area, the bullish bias is expected to continue. The current formation may lead to certain impulsive bullish gains in the process.

SUPPORT: 6,000, 6,400

RESISTANCE: 6,500, 7,500

BIAS: BULLISH

MOMENTUM: VOLATILE

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