Bitcoin Trends: BTC/USD at $6,390

bitcoin analysis october 14 2018

Last week the Bitcoin price witnessed a decrease in its trading price after the sudden selling trend. Recently the BTC selling increased at $6,600 zone for BTC/USD. Because of this high selling trend, BTC/USD price fluctuated between $6,400 and $6000 price level.

The first decline was seen at $6,100 level and later moved down to $6,093. However, after a few hours, the price bounced back above $6,200, and Fib retracement level showed a break at 23.6%.

Furthermore, it is rising with $6,320 resistance level. A bearish trend can be seen above this resistance level recorded by fib retracement level. The price is gradually increasing at different resistance level with the 50% Fib retracement level between $6,680 and $6,093 price range. This level should not go down to $6,000 because the situation will become worse.

The following chart depicts that the price can be relaxed at the price range from $6,380 to $6,390 and it can be further moved towards the positive end at $6,400. If this can not be achieved, then there will be the risk of hitting the bearish break at $6,000 then it will be difficult to get hold of it and will be hard to handle.

Bitcoin Trends: BTC/USD at $6,390 1
Courtesy: TradingView.com

The 4- hour MACD is going towards the bullish zone. This MACD for BTC/USD is moving at the slow pace, but the bullish trend will last for a longer period.

However, the 4-hour relative strength index is moving above the 40 level. To wrap up the price has shown significant support level at $6,100 and the resistance level at fib retracement is $6,390.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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