Bitcoin Trend Series / EP. 721 / Choppy & Flat
Time: 8.06 A.M. / GM+2 / 9th Oct. 2018 – Tues.
Recapitulation
Bitcoin’s Prices have shown a high level of stability, it is too choppy and flat, the picture is more bearish rather than bullish, which hints on retracement nature of the process.
Looking at below Daily Chart, we do not have clear patterns by far, but overall price action looks really heavy and holds us from any long positions by far, as Bitcoin price fails to proceed to new high inside channel consolidation !
The important level to watch on the upside is 6.879K as breaching this level will Invalidate the bearish trend.
Market Factors
Some Regulators took their time to synthesis the effects of cryptocurrencies and blockchain technology before devising fitting laws, the effect is all the same / governments are now aligning with FSB and Mark Carney previous statements.
Norway through the country’s main regulator the Financial Supervisory Authority (FSA) is forwarding a directive mandating all virtual currency exchanges and crypto custodians to incorporate anti-money laundering measures in their operations.
Technical
In our previous post / 720 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.585K and the high was 6.730K.
The Bearish Trend is suggested for today, unless breaching 6.879K
and holding above it.
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.
consider purchasing us a box of beer to BTC Address:
3AmNtmR5F9RkACUyec9wTy2a1EP6B54t66
Thanks a lot for sharing your own analysis I appreciate your post.. keep it up and carry on your activities and this crypto recover recently..
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Let it hit 5000.00 and as the rest of the coins come down you will see some big buy ins, seems like everyone is looking for that drop, hoping to “buy in” during a panic sell.
I know if it hits below 5500,00 it may set everything up into a buy, it would be a buy all the way down just as silver when it hit 50.00 then 30.00 and now a ridiculous 14-15.00. Right now, people trading in fiat money for real money, and some on crypto.... that can switch once metals go up, and they will, but my humble opinion is it needs to drop some more and then it will rally up
The movement we all have been waiting for quite a long time now lets just see what happens