Bitcoin Price is trading in a range-bound zone for the past 1 week, with low volume trades. Will Bitcoin break the $6,830 resistance zone in following days?
01 October 2018- Bitcoin price is trading above the $6,660 (+0.43%), hovering in a 24-hours range of $ 6,536.62 - $ 6,765.75. The coin has a total market cap of $114.5 Billion. Yesterday’s trading session is advancing as Bitcoin price experiences a slight recovery of +0.30% in the last 24 hours rising the price above $ 6,600 mark and moving away from the descending triangle pattern.
In the last 1 Week, Bitcoin price has moved by $ -71.45 (-1.07%) with a total volume of over $ 2.25 Billion. The weekly highs were on 28th September at $ 6,806.10 and lows at $ 6,333.21 was on 25th September.
Bitcoin Fundamental & Technical Forecast
From the fundamental point of view, the SEC has not ruled on the issue of ETFs but all indications are that they will be postponed for the 2019 session. So, if this is the case, the crypto-market might not have a notable fall as well. Bitcoin investors have become adapted to the idea of a market full of obstacles caused by various regulations.
Analyzing the chart of BTCUSD pair in the 1D timeframe, Bitcoin price has managed to move away from the descending triangle pattern drawn since the beginning of 2018. Although the crypto-market is still stabilized, this will be temporary at least until the SEC to know the verdict with almost obvious that they will be postponed.
Currently, the Bitcoin price level of the $ 6,360 as the main support, while the resistance closes to break is $ 6,830. Although Bitcoin has managed to hold the price, we will barely see a bullish rally that reaches historical highs if Bitcoin continues below $ 8500 level.
The RSI (14) moves in the 50% line, while the trading volume is low during yesterday’s session, but this might change in the coming few days as many investors are basing on the fundamental of ETFs to trade.
In addition, the Bollinger Bands indicator is moving closer together, signifying the existence of lowering volatility. This might also be considered the sign of a breakout occurring soon. The long-term bearish trend from July provides resistances at $7,350, $8,380 and $9,860. Support levels offered by the long-term bullish trend include $5,850, $6,250 and $6,400.
If buying pressure continues, the bulls will be under control. Although weekend trades are subject to low volume issues, a strong rally in Bitcoin price might be decided with a push over above the $6,500 mark. This would not merely represent a trend reversal but a break out of the $6,000- $6,400 psychological borders.
According to Fibonacci retracement charts, Bitcoin still awaits the buying signal as the price remains trading between the 38.2% and 61.8% Fibo. retr. zone. A push above the strong resistance zone is needed to see a bullish rally towards $7,000- $7200 levels.
- The Relative Strength Index(14) value is below 50 which signals "Neutral"
- The William%R signals the selling price action on weekly time-frame.
- MACD(12,26) – "Sell" signal in wekkly charts.
- ATR(14) signals Bitcoin is less volatile.
Bitcoin Weekly Pivot Points
The Bitcoin has a significant support at $6,360 mark and resistance at $6,830.
Do you think Bitcoin will break the $6,830 resistance zone? Let us know in the comment section below.