Bitcoin is again following the Bearish trend against the USD and started to break the major supports. Over here is the Bitcoin Price Technical outlook for the daily timeframe.
19 October 2018, AtoZMarkets - Bitcoin and other cryptocurrencies are consolidating from last few weeks in a range bound zone. From the last 2 months, the price of Bitcoin is hovering at the $6,200- $7,000 zone. Currently, Bitcoin is trading near $6,500 level with a daily volume of $325 Million.
The coin has a market cap of $112 Billion. In the last 1 Week, the price of the coin has moved by $ 188.69 (3.00%) with a total volume of over $ 2.71 Billion. The highest price, $ 7,234.83, was on Monday, 15 October 2018.
Bitcoin Technical Analysis
Most of the technical indicators are also reflecting the presence of bearish pressure that could keep gains away. The 100 SMA line is below the longer-term 200 SMA line on the daily time frame, which confirms that the path of least resistance is in the downward direction. In other words, resistance is more likely to hold rather than to break.
Stochastic is on the downside, so Bitcoin price could follow suit while selling pressure is present. The above-mentioned oscillator has some room to go before reaching oversold levels. Thus, it reflects that the sellers could stay in control for a bit longer. RSI(14) is also moving in the downward direction and has plenty of room to cover before reaching oversold territory.
According to the 1D chart, there was an increase in selling pressure which was noted below the $6,500 levels in Bitcoin price. The BTCUSD pair struggled continuously to break the $6,700 resistance levels. As a result, there was a slight bearish reaction and the price declined below the $6,450 level. It seems like the price failed to settle at the "Golden ratio" Fibonacci retracement level of the previous decline from the $6,828 high to $6,350 low. Thus, as the Bitcoin got bearish again, so it is expected that the coin might test below $6,200- $6,000 in the upcoming days.
The graph below shows that almost 50% of the Bitcoin was traded in Tether (USDT), following USD and KRW, and most of the trades took place in Bitfinex Exchange in the last 24 hours of trading.
- The Relative Strength Index(14) value is near 50 which signals "Neutral" in weekly time-frame
- The William%R signals the selling action on the daily timeframe.
- MACD(12,26) – "Buy" signal in daily charts.
- ATR(14) signals Bitcoin is Highly volatile.
Bitcoin Daily Pivot Points
Bitcoin has a strong support near $6,530 and resistance near $6,730 levels.
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