As expected, Bitcoin faced some bearish correction after the strong
bullish rally and now fluctuate above 5575.00 level
So What Next..
Expected trading for the rest of day is between 5500.00 support and 6000.00 resistance.
Stochastic shows clear positive signals and support the bullish wave.
100 SMA is above 200 SMA so the uptrend is more likely to continue than to reverse.
EMA50 support the bullish trend.
Breaching 5800.00 barrier and hold above it, will push the price towards 6200.00.
Breaking 5575.00 and hold below it, will push bitcoin to start bearish correction to test 5140.00 before any other attempt to rise again.
Expected trading
for the rest day is between 5500.00 support and 6000.00 resistance.
Expected trend for the rest of day: Bullish.
The SegWit2x hard fork could play a vital role in the short-term trend of the Bitcoin price. As of current, the demand for Bitcoin from supporters of both the original Bitcoin blockchain and SegWit2x is driving the price of Bitcoin upwards. Investors and traders who believe that the SegWit2x hard fork in November would still result in the original Bitcoin blockchain or legacy chain remaining as the majority chain would invest in Bitcoin to assert their confidence in the short-term trend of Bitcoin.
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