Bitcoin Trend Series / EP. 718 / What After The Tight range
Time: 8.28 A.M. / GM+2 / 5th Oct. 2018 – Fri.
Recapitulation
Bitcoin price hovers around EMA50, keeping its stability above 6.497K and stands in very tight range and the trading range narrows significantly in recent 1-2 months.
It is not easy to estimate Market Direction at this moment, that has to break one of the borders, but we believe the exit will be flat probably.
NFP is promised to be good, so there are big chances for the price to hit our downside target around 5.911K.
Market Factors
There have been a Few Developments Positive for cryptocurrencies these days, including the reversal of Google’s ban on cryptocurrencies, the addition of more crypto options on Coinbase, and Bitmain’s IPO.
On October 12, the Inter Continental Arena Conference Centre in Maltese city of St. Julian will turn into a buzzing place where science fiction becomes a reality. Malta opens its Innovation Summit 2018 with an exciting agenda and top international and local speakers from politicians and scientists to entrepreneurs and great innovators of our days.
Technical
In our previous post / 717 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.506K and the high was 6.626K.
The Bearish Trend is suggested for today. RSI continues to cruise sideways!
Sentiment
Support 1: 6290.000 level.
Resistance1 : 6879.00 level.
Support 2: 6040.000 level.
Resistance2 : 7188.000 level.
Expected trading for today:
is between 6290.00 and 6879.00.
Expected trend for today :
Bearish.
investing considerable time and effort up front in
hopes of considerable returns down the road.
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Tension is piling up. I can feel the electricity in the air...