Bitcoin Trend Series / EP. 724 / Risk Aversion

Time: 8.26 A.M. / GM+2 / 12th Oct. 2018 – Fri.

Recapitulation

• It seems that our stake on collapse has worked and Bitcoin Price conform the below Daily Chart will try to reach our daily target located at 5.880K - 5.911K Area.

Market Factors

• Risk Aversion continues to weigh on cryptocurrencies, which are already on shaky footing owing to the spotlight on regulatory developments. Earlier on, IMF warned of cybersecurity risks related to these assets and the FSB downplayed these by highlighting their weaknesses.

• SEC has been busy cracking down on potentially fraudulent ICO cases, so traders are seeing slimmer chances of the bitcoin ETF applications being approved.

Technical

• In our previous post / 723 / we had forecast the trading range will be between 6.040K & 6.497K. The intraday low was 6.220K and the high was 6.376K.

• Conform the below 4H Chart, Bitcoin Price on its way gradually towards 6.040K, while breaking it will push the price towards 5.880K - 5.911K Area.

• Stochastic & RSI signal that further losses are underway, while EMA50 keep the negative pressure on the price.

• The Bearish Trend is suggested for today, unless breaching 6.497K
  and holding above it.

Sentiment

The short term trend is Bearish

Support 1: 6290.000 level.
Resistance1 : 6497.00 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.

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