BITCOIN MARKET ANALYSIS- OCTOBER 2018

Oct. 06, 2018 1:39 AM ET
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Contributor Since 2018

Summary

  • BTC/USD pair is now trading at 6600 area which is weekly pivot. Last 4days price remain above WS1-6389. Monthly pivot 6713. Seems price will reach that area soon.

BTC/USD pair is now trading at 6600 area which is weekly pivot. Last 4days price remain above WS1-6389. Monthly pivot 6713. Seems price will reach that area soon. Weekly resistance 1, 2 gradually 6840 and 7040. RSI 13 clearly showing price holding bullish trend strong as it is walking 50 area since 09/21 still steady. Oct 03 TMC suddenly jumped from 216B to 219B and hoping soon TMC will move above 245 B which is vital for BTC market.

In D1 chart BTC/USD long formation of descending triangle looks diminished. Now time to start new trend. Bull-run started fading since 07/25 and gradually subsiding 8400,7300,and now walking side way 6700 to 6300 area. But soon a breakout may be seen and price can go 7300 area where is 1st resistance. But at this moment it is difficult to say exactly when upward momentum can be seen. Though there is no directional strength for the short-term but market has less chance to go below 6100 area as it is belonged to WS1 (critical zone).

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