Bitcoin’s stark rejection from $8,820 does not appear to be ideal for bullish days ahead. The asset also was not quite able to reach the level from which it originally broke down. A stronger market might have seen bitcoin test that mark before facing such rejection. Additionally, Bitcoin failing to close today’s candle above the 200-day MA at $8,655 would be bearish, indicating another failed attempt to hold that significant level. Another close below the 200-day MA might signal future downside action.

 

when_not_like
#1

The prior multi-month support in the $9,000s will be a tedious task for the bulls to overcome should they make it to those levels. A rejection would most likely set the tone for a move to retest the $8,000 level once more. Overall, the Bitcoin market is in a state of uncertainty. There is clearly buying interest in the low $7,000s, but the weekly timeframe illustrates a critical technical breakdown. It is likely that there will be significant volatility ahead given the situation. 

 

when_not_like

REN has been in a clear and sustained downtrend since hitting its all-time high in July. I caught most of the move up and was able to profit, exiting near the top. I had very little interest in trading it again, and consistently posted on twitter why I viewed more downside as likely.The white descending line on the daily chart was my main area of interest for an entry. I viewed this as a clear break of the sustained downtrend. REN/BTC price broke through this line on Oct. 5, where I entered my first trade on the breakout at .00000512 sats. 

 

when_not_like

Since its $1,700 drop on Sept. 24, Bitcoin largely has struggled to maintain its 200-day moving average (MA) as support, suffering clear rejection multiple times. The 200-day MA is commonly used as a notable benchmark regarding bullish and bearish trends for Bitcoin. The digital asset punched through the 200-day MA earlier today, only to fall more than $400 in the hours that followed. Closing today’s candle back above the 200-day MA, currently at $8,655, would be a bullish sign for the Bitcoin. At press time, Bitcoin trades in the mid $8,300s.

 

when_not_like

Currently, Bitcoin price sits on the Kijun level, holding it as support for the time being. It should be noted that 4-hour Ichimoku Cloud levels generally are stronger on higher time frames, such as daily or weekly time frame charts. Additionally, the Tenkan crossed over the Kijun in a bullish TK cross yesterday.

 

when_not_like

Currencies were one of the first markets to be enjoyed by traders. Committed to providing a secure and transparent trading platform, we were one of the very first brokers to provide credit card funding. In line with our mission of providing a world class trading platform and giving clients the best execution policy for all their orders in real time, we focus on providing premium forex trading services.

forex exchange

last_update_on_time_stamp_by_update_user
when_not_like