Bitcoin has been extremely volatile recently amid impulsive bearish momentum which has been engulfed by bullish momentum instantly, leading the price to retest $6,500 area. The indecision and volatile momentum pushed the price higher above the dynamic level which indicates further bullish momentum. The price is nearing the $6,500 resistance area, while being above the dynamic level has formed a pre-breakout structure. As of the current scenario, it is quite probable that the price will break above $6,500 area. A daily close above $6,500 is expected to provide the required momentum for the upcoming bullish pressure in the pair with a target towards $7,500 and later towards $8,000 area.
SUPPORT: 6,000
RESISTANCE: 6,500, 7,500, 8,000
INTRADAY BIAS: BULLISH
MOMENTUM: VOLATILE
