logo

FX.co ★ BITCOIN Analysis for August 9, 2018

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

BITCOIN Analysis for August 9, 2018

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account