Bitcoin Trend Series / EP. 723 / The Sharp Move
Time: 8.02 A.M. / GM+2 / 11th Oct. 2018 –Thurs.
Recapitulation
- Bitcoin’s Prices break to the support 6.497K shown on below 4H Chart with strong decline and most likely the price will continue its decline targeting 6.290K / 6040K trying to test our daily target locted at 5.880K-5.911K Area.
Market Factors
Risk Aversion has gripped financial markets on account of stronger Fed tightening expectations. This could wind up dampening business and consumer spending down the line, therefore weighing on traders’ outlook and appetite for risk.
Some blame the drop in trading volumes for the sharp move in bitcoin as it would no longer take outsized positions to spur a big move in the markets. On a less downbeat note, the FSB said that bitcoin does not pose a threat to stability:
Based on the available information, crypto-assets do not pose a material risk to global financial stability at this time. However, vigilant monitoring is needed in light of the speed of market developments.
Technical
In our previous post / 722 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.252K and the high was 6.639K.
RSI indicates that that bearish momentum is in play, while Stochastic indicates that buyers are trying to regain the upper hand.
The Bearish Trend is suggested for today, unless breaching 6.497K
and holding above it.
Sentiment
Support 1: 6290.000 level.
Resistance1 : 6497.00 level.
Support 2: 6040.000 level.
Resistance2 : 6879.000 level.
Expected trading for today:
is between 6040.00 and 6497.00.
Expected trend for today :
Bearish.
investing considerable time and effort up front in
hopes of considerable returns down the road.
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66
testing the resistance level too much selling pressure all of a sudden