Bitcoin Trend Series / EP. 735 / 30th Oct. 2018

Recapitulation

• Bitcoin Market provided clear negative trades yesterday after two weeks of tight trading, to move around 6.300K as we expexted, a break below current levels could lead to a pickup in selling pressure and prolonged declines once more.

Market Factors

• Bitcoin Price still seems wary of industry developments or might be waiting for bigger catalysts that could sustain gains.

• Bitcoin price sold off sharply on news of an outage in Canada’s MapleChange, which led to a loss of more than 900 bitcoins on a security issue. The company attempted to reassure clients but later on took down its social media accounts and the website itself, causing more concerns.

• Hackers stole 913 bitcoins from Canadian cryptocurrency exchange MapleChange.

Technical

• Technical picture mostly look Bearish as long as the price is below 6.497K.

Stochastic reflect the presence of bearish pressure while RSI indicate that buyers are ready to return.

• The stability below 6.497K, most likely will lead the price to test 5.910K - 6.040K area.

Sentiment

The short term trend is Bearish

Support 1: 6290.000 level.
Resistance1 :6497.000 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.

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of substantial returns down the road.