Bitcoin forecast & technical analysis October 16, 2018


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Bitcoin BTC/USD are trading at 6362 and continue to move as part of the correction. Cryptocurrency capitalization at the time of the publication of the forecast is $114 222 459 860. At the moment, we can expect an attempt to test the resistance level near the 6450 area. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a target below the level of 5950.

Bitcoin forecast & technical analysis October 16, 2018

In favor of reducing the BTC/USD quotes, a test of the resistance area on the relative strength index (RSI) will come out. Cancellation of the Bitcoin exchange rate decline will be a strong growth and a breakdown of the 6700 region, which will indicate a breakdown of the resistance area and the continued growth of the Bitcoin rate with a potential target at 7350. With the breakdown of the support area and the closure of cryptocurrency quotes below 6150, we should expect confirmation of the development of the decline in the digital asset.

Bitcoin forecast & technical analysis October 16, 2018

Bitcoin forecast & technical analysis October 16, 2018 suggests an attempt to test the resistance level near the 6450 area and continue cryptocurrency decline with a potential target at 5950, an additional signal in favor of the Bitcoin exchange rate is the trend line test on the relative strength index (RSI), canceling the option declining cryptocurrency will become strong growth and the breakdown of the 6700 region.


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