Bitcoin Trend Series / EP. 722 / Warning From IMF
Time: 8.27 A.M. / GM+2 / 10th Oct. 2018 – Wed.
Recapitulation
Bitcoin’s Prices have shown a high level of stability, but the picture is more bearish rather than bullish, so we still suggest treating any approach to 6.879K as an opportunity to go short.
Looking at below 4H Chart, we do not have clear patterns by far. The important level to watch on the upside is 6.879K as breaching this level will Invalidate the bearish trend.
Market Factors
- One of the factors weighing on bitcoin price so far this week is the Warning From IMF on cybersecurity and cryptocurrencies, citing in their World Economic Outlook:
Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.
Technical
In our previous post / 721 / we had forecast the trading range will be between 6.290K & 6.879K. The intraday low was 6.584K and the high was 6.680K.
Stochastic & RSI indicate that that bearish momentum is in play.
The Bearish Trend is suggested for today, unless breaching 6.879K
and holding above it.
Sentiment
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.
investing considerable time and effort up front in
hopes of considerable returns down the road.
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