BITCOIN Analysis for October 11, 2018

Bitcoin impulsively sank below $6,500 area which was quite a bit of a surprise for the bulls. As the price is residing above $6,000 area currently, the bullish bias is still valid in the market. However, after the impulsive crash below $6,500 area, the price is currently correcting itself with no sign of any Bullish Divergence. Meanwhile, the price is expected to move a bit lower, most probably towards $6,000 area before it starts to jump higher with a target towards $6,500 in the future. As the price remains above $6,000 area, the bullish bias is expected to continue.

SUPPORT: 6,000

RESISTANCE: 6,500

BIAS: BEARISH

MOMENTUM: VOLATILE

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

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