Bitcoin Trend Series / EP. 720 / Market Maturity

Time: 8.44 A.M. / GM+2 / 8th Oct. 2018 – Mon.

Recapitulation

• Bitcoin’s Prices have shown a high level of stability, ranging between 6.200K & 6.879K since early September, due to a combination of a slow news cycle and low trading volume, leading some investors to believe that the lack of volatility could Signal A Maturing !

• Bitcoin price keeping its stability above 6.497K, but we believe that the rise from current levels will face a number of Hurdles on the way up !

• The important level to watch on the upside is 6.879K as breaching this level will Invalidate the bearish trend.

• For now, we still believe there are Big Chances for the price to hit our downside target around 6.040K followed by 5.911K.

Market Factors

• Bitcoin price drew support from WTO Report highlighting the role of cryptocurrencies in disrupting the global financial industry. It indicated:

Much of the excitement about blockchain technology has been centred on public permissionless blockchains used for cryptocurrencies. However, the potential use of blockchain technology extends to many other applications, from banking and finance to land registration, online voting, and even supply chain integration…

• The Tight Range has led many cryptocurrency investors to jokingly note that Bitcoin may as well be a stable coin. Although the lack of volatility is leading many investors and day traders to believe that Bitcoin is gearing up for a huge price swing, some analysts think that this could signal a Maturing Market.

• It is likely that the markets will have a more Definite Answer as to whether or not Bitcoin’s days of Parabolic Cycles are over, depending on how its price reacts to the continuously tightening trading range.

Technical

• In our previous post / 719 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.525K and the high was 6.640K.

• 4 Hours MACD is slightly in the bullish zone.

• The Bearish Trend is suggested for today, unless breaching 6.879K
  and holding above it.

Sentiment

The short term trend is Bearish

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.

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What You Know About --> Fibonacci Retracement in Trending Market.   

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