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BTC/USD pair to move towards North with the bulls

bitcoin cash trend october 18 2018

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TL;DR

On September 6, 2018, the Bitcoin went into consolidation. This was after the drop of BTC from distribution zone of $7,383 moving to the accumulation zone of $6,113. Since then the BTC against US dollar is been traded on a range, which is between $6,807 and $6,113 of the accumulation zone. This range of BTC seems to be for a long term.

During the first half of October, the bullish trend in market forced the BTC/USD to move in the direction of north and moved up to the $7,804 of distribution zone after hitting the zone at $6,807 and $7,383. However, it was unable to break further as the strong bearish trend and high forces in the market forced it to come back on its previous range from $6,807 to $6,113.

If the bulls passed to enhance their forces and keep them for the longer period then there will be a chance for BTC against US dollar to move towards the north and break further. Nevertheless, if the Bears enhance their momentum then there is the chance that the BTC/USD pair will move down to $5,848 of accumulation zone after breaking the support level at $6,113.

When the BTC dropped to the $6,113 of the distribution zone on September 6, it alliance with USD and moved in the $6,807 – $6,113 range. Later on, the Bulls triggered the pair to move up to $7,804. However, after the invasion by bears, the BTC against US dollar fall back to $6,807.

By looking at these facts, we can say that price is currently present on 10-day and 50 day EMA by keeping both the EMAs in parallel order that reminds the merger of BTC and USD is still on.

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Alden Baldwin

Journalist, Writer, Editor, Researcher, and Strategic Media Manager:With over 10 years of experience in the digital, print and public relations industries, he has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a a self sustaining institute that provides free education. He is working towards funding his own startup.As a technical and language editor, he has worked with multiple top cryptocurrency publications such as DailyCoin, Inside Bitcoins, Urbanlink Magazine, Crypto Unit News and several others.He has edited over 50,000+ articles, journals, scripts, copies, sales campaign headlines, biographies, newsletters, cover letters, product descriptions, landing pages, business plans, SOPs, e-books, and several other kinds of content.

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