Bitcoin has been ranging between $6,000 to $6,500 area for a few days now while being quite volatile inside the area as well. The bearish pressure has been quite impulsive earlier which took the price to the ZERO point from where the earlier bullish move took place to push the price higher. The price has been a bit bullish for last 2 days which does not indicate any further bullish momentum ahead but a daily close above $6,500 is expected to inject further bullish momentum in the pair with a target towards $8,000 area. As the price remains above $6000 area with a daily close, the bullish bias is expected to continue further in the coming days.
RESISTANCE: 6,500, 8,000, 10,000
The material has been provided by InstaForex Company – www.instaforex.com
Source:: BITCOIN Analysis for August 13, 2018