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analyst100
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October 11, 2018, 07:43:23 AM
 #1

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,100, $5,900, $5,700

Yesterday, October 10, the BTC price was in a Bearish trend. The bulls had been holding the price above $6,500 in the last ten days. This cause Bitcoin to be stagnant and range bound above the $6,500 price level.

Today, the bulls have succumbed to the bearish pressure. The bears have broken the $6,500 price level and price is approaching the $6,200 price level.

The next move is likely to be the $5900- $6,000 price levels. Traders are to look out for buy setups at the end of the bearish trend. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.


BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the BTC price is in a bearish trend. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling. The Relative Strength Index period 14 is level 18 which indicates that the market is oversold signaling bear’s exhaustion and suggesting bulls to take control of the market.

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October 11, 2018, 10:05:27 AM
 #2

Today, the bulls have succumbed to the bearish pressure.

Dow Jones has fallen. I'm surprised that Bitcoin dropped after Dow and not before.
Now I think that all we have to do is look at the market. Bitcoin may not recover if the stock market didn't....

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October 14, 2018, 08:10:42 PM
 #3

Today, the bulls have succumbed to the bearish pressure.

Dow Jones has fallen. I'm surprised that Bitcoin dropped after Dow and not before.
Now I think that all we have to do is look at the market. Bitcoin may not recover if the stock market didn't....

At least now its getting clearer as to why the price plummet last October 10/11, 2018. Its because of the Dow crashing that affected other stock market as well in Asia and in Europe and has the domino effect in crypto as well.

But the dust have settled already and everyone has bounce back a bit including crypto market. So there's no bearish pressure after all, it was a result of the global market meltdown that trickled to crypto as well. So we can conclude that indeed there's some correlation of sort between stocks and crypto market.

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October 16, 2018, 10:41:28 AM
 #4

Today, the bulls have succumbed to the bearish pressure.

Dow Jones has fallen. I'm surprised that Bitcoin dropped after Dow and not before.
Now I think that all we have to do is look at the market. Bitcoin may not recover if the stock market didn't....

At least now its getting clearer as to why the price plummet last October 10/11, 2018. Its because of the Dow crashing that affected other stock market as well in Asia and in Europe and has the domino effect in crypto as well.

But the dust have settled already and everyone has bounce back a bit including crypto market. So there's no bearish pressure after all, it was a result of the global market meltdown that trickled to crypto as well. So we can conclude that indeed there's some correlation of sort between stocks and crypto market.
I am actually getting to hear that news at the moment. I never imagined there could be some external effect of Dow Jones on the crypto market as well. Dow index at the moment is pretty much showing a good sign of recovery, so if this is actually true, then, let's assume there could be a possibility for some market growth before the end of the year.

Nonetheless, I am still of the opinion that the crypto market was plainly over bought and was due for correction and nothing else, and it is that correction we have had already now and possibly, some probability that we could at least recover from here.
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October 22, 2018, 11:53:18 PM
 #5

And more than a week after this prediction, its still very applicable because we haven't seen much movement so for me the resistance price is still in place. Nothing to note that worthy of another prediction. The current trend still stays at the sideways with few sell offs and buy offs here and there.

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