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01.10.2018 06:00 PM
BITCOIN Analysis for October 1, 2018

Bitcoin has been consolidating and correcting itself in the volatile market situation which is being observed currently. The price has been residing at the edge of $6,500 area from where further correction is expected before pushing higher at the current market structure. The Kumo Cloud resistance has widened up quite well which is expected to provide a strong resistance for the price to push higher with a target towards $8,000 in the future. Meanwhile, the price is expected to stall and proceed quite slowly towards $7,000-7,200 area after which the price is expected to push higher impulsively towards $8,000 area. As the price remains above $6,000-6,500 area, the bullish bias is expected to continue.

SUPPORT: 6,500, 6,000

RESISTANCE: 7,500, 8,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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