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Bitcoin (BTC) Daily Price Forecast – October 11

Discussion in 'Bitcoin Talk/Discussions' started by ItuExchange, Oct 11, 2018 at 9:10 AM.

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    BTC/USD Medium-term Trend: Bearish

    Resistance Levels: $7,000, $7,200, $7,400
    Support levels: $6,100, $5,900, $5,700


    Yesterday, October 10, the BTC price was in a Bearish trend. The bulls had been holding the price above $6,500 in the last ten days. This cause Bitcoin to be stagnant and range bound above the $6,500 price level.

    Today, the bulls have succumbed to the bearish pressure. The bears have broken the $6,500 price level and price is approaching the $6,200 price level.

    The next move is likely to be the $5900- $6,000 price levels. Traders are to look out for buy setups at the end of the bearish trend. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.


    BTC/USD Short-term Trend: Bearish

    On the 1-hour chart, the BTC price is in a bearish trend. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling. The Relative Strength Index period 14 is level 18 which indicates that the market is oversold signaling bear’s exhaustion and suggesting bulls to take control of the market.


    The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

    Source: http://bitcoinexchangeguide.com

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