BITCOIN Analysis for August 9, 2018

Bitcoin has been quite bullish today after the recent bearish impulsive pressure pushing the price lower after the rejection off the $8,500 area a few days back. Though the price has been quite indecisive throughout the day, it managed to remain inside the support area of $6000-6500 which does indicate that the bulls are still in the market with the hope of pushing higher in the future. Currently, a daily close above $6,500 is needed for further bullish pressure to form in the market which may lead the price towards $8,000 in the future. As the price remains above $6,000 area with a daily close, the bullish bias is expected to continue further.

SUPPORT: 6,000-6,500

RESISTANCE: 8,000, 10,000

BIAS: BEARISH

MOMENTUM: VOLATILE

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The material has been provided by InstaForex Company – www.instaforex.com