Recapitulation
- Bitcoin Market shows some bullish bias to test the key resistance at 6.497K and bounced bearishly from there supported by Stochastic to resume the main bearish trend, so overall our bearish setup stands intact and chances on a drop below 6.300K increases, to the next target at 5.910K-6040K Area.
Market Factors
It was widely reported that the SEC would qualify VanEx SolidX Bitcoin ETF after a successful meeting between representatives of the VanEx, CBoE and some SEC commissioners. Hopefully, they make a favorable decision and allow firms that meet their stringent listing requirements a go-ahead injecting the market with the much-needed momentum.
Bitcoin Price fell by 3.8% in October to end the month at around the 6.300K level. Bitcoin is off roughly 54% since the start of the year as regulators spanning the globe stepped up scrutiny of an industry that was initially embraced by those who were distrustful of banks and government control over monetary policy.
Technical
Bitcoin Market confirms our bearish expectations recently and most likely the price will target 6.040K followed by 5.910K.
Note; breaching 6.497K will lead the price to 6.879K before any new attempt to a new decline.
Sentiment
The short term trend is Bearish
Support 1: 6290.000 level.
Resistance1 :6497.000 level.
Support 2: 6040.000 level.
Resistance2 : 6879.000 level.
Expected trading for today:
is between 6040.00 and 6497.00.
Expected trend for today :
Bearish.
YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.
Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of substantial returns down the road.
