Forum Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Price Analysis – October 2018

This topic contains 4 replies, has 2 voices, and was last updated by margincall margincall 3 weeks, 6 days ago.

  • Creator
    Topic
  • #18212
    margincall
    margincall
    Keymaster

    This is the thread for price analysis on the Bitcoin markets in the month of October 2018.

    goldengoose trading botGGCryptoBot

    Custom built Crypto trading software – The revolution has begun – Early bird sale now open

    • This topic was modified 1 month, 1 week ago by margincall margincall. Reason: added link
Viewing 4 replies - 1 through 4 (of 4 total)
  • Author
    Replies
  • #18275
    margincall
    margincall
    Keymaster

    The Bitcoin market has been quiet the last week as some sources say it was even less volatile than Amazon stocks. This is normal as traders are unsure if the next big move will be a bullish or bearish one.

    Sentiment on the market is quite bullish with even Elon Musk getting in on the “Buy Bitcoin” tweets, as well as mentioning that The Boring Company will be accepting BTC, ETH and BCH. Taking a look at the 1hr candle chart to get an idea of what to expect.

    btc usd price analysis 24 oct 2018

    Short term resistance in my opinion is between $6400 – $6500, and the bulls will have to buy up the books in order to consolidate above this zone. The important thing to note is that the price action has broken through my bearish trend line, trading above the MA, and RSI popped above 50, these are all bullish signals in my view and I have alerts set for possible breakout zone.

    What to look out for, should the rsi fail to consolidate above 50, there is a big chance that prices could drop below the MA and rejoin the previous bearish channel. This happens often and it is quite normal for a resistance zone to get tested multiple times before the eventual breakout.

    There is always a chance for a breakout to turn into a fake-out. Keep an eye on the support zone at $6400 – $6450, should prices consolidate below here, we will experience further correction before we get more gains on the market. Safe trades, feel free to discuss these trade ideas with us in Discord.

     

    #18253
    margincall
    margincall
    Keymaster

    Bitcoin gave the inverted “Bart Simpson” candlestick formation yesterday and some traders on Reddit were expecting a bounce. Mentioned in the previous report, there was a clear divergence between the price and momentum, and this morning we can see the price playing catch up. The gap left from the previous sell off got filled very fast. Taking a quick look at the 1hr BTCUSD chart:

    btcusd price forecast 15 October 2018

    The sellers clearly ran out of steam and the first good buying pressure sent prices pushing through $6300 – $6400. RSI is pushing higher and I will expect a correction in this range before testing the $6600 support level. Should momentum push us past $6600, I will look for a consolidation above this zone before feeling completely safe in a long trade.

    Like mentioned in previous reports, $6400 – $6600 is strong resistance at this point and the bulls will have to keep up the buying pressure in order to test the longer term resistance at $7k.

    Support on the shorter term should be solid above $6300 – $6400, and I expect the dips to get bought up swiftly should we see those prices again.

    It is a positive sign to see some good buying volume on the crypto market after the recent stock market crash that sent a lot of traders tumbling, and left portfolios dwindling. I am not going to pop the champagne yet, but sure got the bottles ready! Safe trades.

     

    • This reply was modified 1 month ago by CheesePuff CheesePuff.
    #18248
    MrHanna
    MrHanna
    Moderator

    As mentioned in the report last week, the Bitcoin market failed to find support around $6400, after the crypto markets experienced a small sell off this week. There is a fair amount of FUD on social media, we are possibly witnessing some “social media price manipulation”, as new speculators enter the crypto market daily.

    Important to note is the fact that some of the stocks had their worst performance (again), since 2016 I believe. We saw a similar situation in February this year, where crypto crashed quite hard. Will crypto crash again this time?

    Taking a look at the 4hr BTC/USD chart to get an idea of resistance and support, as well as possible breakout or shorting zones.

    btcusd price report forecast 14 October 2018
    As the stock markets are experiencing a bit of a hard time I believe some of the capital will flow from stocks into crypto later this year and into 2019, cryptocurrencies have slowly proven themselves as a more transparent (even though new) asset class than hyper inflated stocks.

    To the chart, I see a nice possible divergence between the momentum and the price, however a bear flag is painted, providing warning that things can get worse still. Looking at the RSI we can see a clear attempt to test the 50 level, above which is a classic bullish signal, should momentum continue on the up.

    Resistance is between $6400 – $6600, with support weighing in at around $6000 – $6200, short term, with medium term at around $5700 – $5800.

    Like usual we will be prepared for a move in either direction, for those looking to short,  the above mentioned levels should signal the plays, to all the moon men, look to 6400 and eventually 6600 to signal the fomo. Safe trades yall!

    • This reply was modified 1 month, 1 week ago by CheesePuff CheesePuff.
    #18213
    margincall
    margincall
    Keymaster

    Taking a look at the Bitcoin market at the start of a new month, October. Last month we saw some bullish momentum in the market, however there was still a lot of selling momentum over all. A nice bullish channel has formed that I will use as guide moving forward this week.

    bitcoin price prediction 2 October 2018

    There are quite a few candlestick formations inside the channel, bullish and bearish, this is confirmed by both the momentum indicators.

    Should momentum turn in favor of the bears this week, the short term support at $6500 – $6400 will get tested and depending on the buying fever from the bulls, this could trigger a small sell-off that will take us back to previous support levels, around $6000 – $6200.

    Should momentum turn in favor of the bulls, there will be a battle to get up to $6700 which is the resistance zone I am keeping a eye on. Higher risk traders could try to trade the $6500 – $6700 range (longs & shorts), should momentum turn bullish.

    Safer long trade setups on the Bitcoin market would be to wait for consolidation above the longer term bearish trendline that I illustrated on the chart. Longer term resistance for me is at $6800, and I expect some fomo should prices push above $7k. Safe trades.

     

     

    • This reply was modified 1 month, 2 weeks ago by CheesePuff CheesePuff.
Viewing 4 replies - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.