Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

BITCOIN Analysis for August 16, 2018

August 16, 2018 Analytics

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Bitcoin is still quite indecisive inside the corrective range of $6,000 to $6,500. The price has been a bit bullish recently after a certain bearish rejection off the $6,000 area with a daily close. The market is still residing in the indecisive phase where no definite pressure is being observed in the process. The price is being rejected off the parallel boundaries of $6,000 and $6,500 from where the price is expected to break higher because the false break structure has been formed in the process, following the previous price action. Meanwhile, a daily close above $6,500 is required for an impulsive bullish momentum in this pair which is expected to push higher towards $8,000 area in the coming days.

SUPPORT: 6000

RESISTANCE: 6500, 8000

BIAS: BEARISH

MOMENTUM: VOLATILE

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

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