Bitcoin Price Analysis Oct.7: A possible move ahead?



  • The long-term consolidation of Bitcoin from the past weeks is coming to an end soon? Two significant signs indicate on a coming up movement: [Bollinger bands](http://The long-term consolidation of Bitcoin from the past weeks is coming to an end soon? Two significant signs indicate on a coming up movement: Bollinger bands are very tight, along with 200 and 50 days moving average lines that have recently crossed each other.  Over the weekend Bitcoin had re-tested the upper line of the “channel” reaching a high of $6740, but didn’t have enough buying power to stay there.) are very tight, along with 200 and 50 days moving average lines that have recently crossed each other.

    Over the weekend Bitcoin had re-tested the upper line of the “channel” reaching a high of $6740, but didn’t have enough buying power to stay there.

    Now what?

    • Bitcoin is on top the 50 days moving average (the purple line on the chart), but still facing the tough resistance zone of $6600.* Volume is still decreasing over the last days (maybe typically to weekends), this supports the option of a significant Bitcoin move ahead.* From the bull side: Resistance area is at $6720 – $6800: the $6800 double top, along with long-term descending trend-line at around $6720 and upper trend-line of the ascending channel at $6760. This creates a strong resistance area around the above.* RSI levels are at their low levels; Stochastic RSI had crossed at the low RSI levels. Hence the market is in good shape to move up according to RSI.* Bitcoin short positions on BitFinex didn’t change much over the past two days.

    Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

    BTC OCt7Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

    The post Bitcoin Price Analysis Oct.7: A possible move ahead? appeared first on CryptoPotato.

    https://cryptopotato.com/bitcoin-price-analysis-oct-7-a-possible-move-ahead/



Who's Online [Full List]

0 users active right now (0 members and 0 guests).

Board Statistics

Our members have made a total of 9.4k posts in 9.1k topics.
We currently have 406 members registered.
Please welcome our newest member, kellieshawone.
The most users online at one time was 239 on Mon Jul 30 2018.



The developers of CryptoForum.cc are creating their very own cryptocurrency startup -- BAKD.io!

Show your support by posting on our BitcoinTalk thread, following us on Twitter, and subscribing to our Telegram channel to get regular project updates and talk directly with the team!


BAKD.io by the CryptoForum.cc Team