BITCOIN Analysis for August 31, 2018
Bitcoin has been quite volatile and corrective with the recent price action which lead the price to reside below $7,000 area with a daily close. The bullish momentum which started after breaking above $6,500 area with a daily close has come to a pause after the price hit the Kumo Cloud resistance recently. The dynamic levels of 20 EMA, Tenkan, and Kijun line is expected work as support to hold the price higher in the process. As for the current scenario, a daily close above $7,000 which will also clear the Kumo Cloud resistance as well, is expected to push the price higher towards $8,000 in the coming days. As the price remains above $6,000 area, the bullish bias is expected to continue.
SUPPORT: 6000, 6500
RESISTANCE: 7500, 8000, 10000