FX.co ★ BITCOIN Analysis for September 18, 2018

Bitcoin has been quite volatile and counter impulsive today after the strong bearish momentum which started after the price had been rejected off the $6,500 area with a daily close. The price is currently residing near the 50% retracement area of the previous impulsive bearish momentum and from where the price started to push lower again with strong momentum. As per market context and structure, the price is expected to push lower towards $6,000 area in the coming days. A daily close below $6,000 may lead to further bearish momentum, pushing the price lower towards $5,000 area as well. As the price remains below $6,500 area with a daily close, the bearish bias is expected to continue.

SUPPORT: 6,000, 5,500, 5,000

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

BIAS: BEARISH

MOMENTUM: VOLATILE