Bitcoin Trend Series / EP. 727 / Stuck In Consolidation

Time: 9.13 A.M. / GM+2 / 17th Oct. 2018 – Wed.

Recapitulation

• Right now we do not have yet thrilling patterns, but nuances point on downside continuation conform the below Daily Chart.

Market Factors

• The Recent Surge in bitcoin price is being pinned on the Tether selloff, although the launch of Fidelity’s institutional platform might be a bigger factor sustaining longer-term gains.

Technical

• Bitcoin price is still stuck in consolidation, forming higher lows and lower highs inside a symmetrical triangle on the short-term chart.

• The Bearish Trend is suggested for today as Stochastic, RSI and Oscillator signal that bearish pressure in play.

Sentiment

The short term trend is Bearish

Support 1: 6497.000 level.
Resistance1 :6879.000 level.

Support 2: 6290.000 level.
Resistance2 : 7188.000 level.

Expected trading for today:
is between 6290.00 and 6879.00.

Expected trend for today :
Bearish.

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