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 September 20, 2018

September 20, 2018 Analytics

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Bitcoin has been extremely volatile recently amid impulsive bearish momentum which has been engulfed by bullish momentum instantly, leading the price to retest $6,500 area. The indecision and volatile momentum pushed the price higher above the dynamic level which indicates further bullish momentum. The price is nearing the $6,500 resistance area, while being above the dynamic level has formed a pre-breakout structure. As of the current scenario, it is quite probable that the price will break above $6,500 area. A daily close above $6,500 is expected to provide the required momentum for the upcoming bullish pressure in the pair with a target towards $7,500 and later towards $8,000 area.

SUPPORT: 6,000

RESISTANCE: 6,500, 7,500, 8,000

INTRADAY BIAS: BULLISH

MOMENTUM: VOLATILE

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

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