BTC Long Term Trading Signals: 15 October

Bias for Bitcoin (BTC) – Ranging

Resistance Levels – $6800, $6900, $7000

Support Levels – $6100, $6000. $5900

 

BTC is in consolidation on the long-term outlook. The task of who control the market depends on the breakout or breakdown likely to occur in coming days from the range.  The bears continued pressure to drop the cryptocurrency further down at  $6220 in the demand area was rejected with a bullish spinning top on 12th  October. This signal bullish takeover. The price rose to $6399.30 in the supply area.

 

BITCOIN LT CHART 15 Oct
BITCOIN LT CHART 15 Oct

 

BTC was at this demanding area on 12th August, 9th and 18th September with subsequent bullish movement to the supply area.

The stochastic oscillator lies in the oversold region at 19% and its signal points up. This implies the possibility for upward price movement as the cryptocurrency ranges.

BTC is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imperative. To flow with the trend, traders should be patient to allow this to take place before taking a position.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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