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#Bitcoin Price Analysis

BTC bulls foreseen? Bitcoin Price Analysis 10 Oct

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Bitcoin price trimmed a large portion of its additions. BTC/USD could recuperate, however the broken support at $6,560 may go about as a resistance.

Bitcoin Price Key Focuses

  • Bitcoin price neglected to exchange higher towards $6,800 and declined as of late against the US Dollar.
  • Yesterday’s highlighted key bullish pattern line was breached with support at $6,560 on the hourly outline of the BTC/USD pair (information feed from Kraken).
  • The pair declined underneath the $6,500 support and tested the $6,440 support level.

Bitcoin price trimmed a large portion of its additions against the US Dollar. BTC/USD could recuperate, however the broken support at $6,560 may go about as a resistance.

 

Bitcoin Price Analysis

Amid the decay, yesterday’s highlighted key bullish pattern line was breached with support at $6,560 on the hourly graph of the BTC/USD pair The pair even broke the last swing low at $6,490. At long last, it tested the 1.236 Lie augmentation level of the last wave from the $6,491 low to $6,687 high. The price shaped an intraday low at $6,441 and it is as of now amending higher. An underlying resistance is close to the 23.6% Lie retracement level of the last decrease from the $6,687 high to $6,441 low. In the event that purchasers drive the price over the $6,500 level, the following stop could be the $6,560 level. The stated $6,560 level alongside the 100 hourly SMA are probably going to go about as obstacles for buyers.

 

BTCUSD Price Chart 10 October

BTCUSD Price Chart 10 October

 

Taking a gander at the graph, bitcoin price broke a couple of key supports and tested $6,440. It might bob back, yet the past supports close $6,550-6,560 are probably going to keep an upside break.

 

Taking a gander at the technical markers:

Hourly MACD – The MACD for BTC/USD is picking up pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is at present well underneath the 40 level.

Real Support Level – $6,440

Real Resistance Level – $6,560

#Bitcoin Price Analysis

BTC Daily Trading Signals: October 19

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BTC Price remains in a range-bound market. The strong bearish pressure within the range was dominant as BTC witness drawdown.

Dominant bias for Bitcoin (BTC) –Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6000, $5900. $5800

 

BTC remains in a range-bound market. The strong bearish pressure within the range was dominant as BTC witness drawdown. Despite a bullish 4-hour opening at $6735.6 on 18th October that led to the high of the day at $6779.9, the bear takeover was confirmed by the next bearish candle. BTCUSD was down to $6609.3 in the support area.

Though $6607 was the low BTCUSD made on 17th October with the current strong bearish pressure, a lower low may be attained at the end of trading session.

 

BTC 4-hourchart

BTC 4-hour chart

 

BTC Price is below the 10 EMA but sits on the 200 EMA. A break below the 200-EMA may see the bear taking BTCUSD to the 6300 area. The stochastic oscillator is in the oversold region but its signal points down which implies further downward price movement within the range.

BTCUSD is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. A breakout at the upper area will be good for a long while a breakdown at the lower area suggests shorting the cryptocurrency.

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#Bitcoin Price Analysis

BTC Daily Trading Signals: October 18

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BTC remains in consolidation. Upward movement of the cryptocurrency towards the upper resistance level was made possible by the bullish hammer at $6717.60.

Dominant bias for Bitcoin (BTC) –Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6000, $5900. $5800

 

BTC remains in consolidation. Upward movement of the cryptocurrency towards the upper resistance level was made possible by the bullish hammer at $6717.60. BTCUSD high of the day was $6794.00 in the resistance area.  Exhaustion to bullish momentum was clearly seen as candles at the area had upper wicks. The bearish pressure was increased with inverted hammer formation. BTCUSD was down to $6674.30 in the support area as the cryptocurrency ranges

 

BTC 4-hourchart

BTC 4-hour chart

 

BTC Price remains below the 10 EMA but above the 200 EMA. The stochastic oscillator is at 23% and its signal points down which implies further downward price movement within the range. A new low at the support area may be attained with the bears’ pressure becoming much stronger

BTCUSD is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. A breakout at the upper area will be good for a long while a breakdown at the lower area suggests shorting the cryptocurrency.

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#Bitcoin

Bitcoin surges more than 4% on Bitfinex after a Tether Panic

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The price of Bitcoin experienced a massive surge in minutes on Bitfinex Exchange as the price rose from $6443 to $6732 in just a couple of minutes.

After the major dumping of Tether which happened on 15th October 2018, more and more people are joining the USDT dumping trend by exchanging their stablecoins into cryptocurrencies especially Bitcoin. The traders and investors are doubting that the Tether or USDT token is not backed by US Dollar and the company is being blamed for misleading the investors.

USDT Dumping

Tether which had a market capitalization of over $2.8 Billion came down to just $2 Billion in a couple of days. So in just a couple of days investors and traders removed more than $800 Million from Tether into Bitcoin and other cryptocurrencies.

 

Bitcoin Surges on Bitfinex

The price of Bitcoin experienced a massive surge in minutes on Bitfinex Exchange as the price rose from $6443 to $6732 in just a couple of minutes as more people started to dump USDT for Bitcoin on Bitfinex.

 

Tether is being blamed for scamming investors this year by a lot of people as the people believe that Tether never had the exact amount of USD backed in 1:1 ratio in accordance to the tether supply.

 

What do you think about Tether? Let us know in the comments section below.

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