Technical analysis of Bitcoin course BTC / USD 08.10.2018

So we fall or rise?

Hello everyone and good evening!

Due to the prolonged flat Bitcoin and the market in general, people's opinions were divided approximately 50/50. Someone is expecting a quick "to the moon", while others, on the contrary, are talking about the continuation of a bearish trend. I propose to look at the charts with different timeframes and understand the situation.

Here is the 1 month (Bitfinex):

The price is slightly higher than the support of the Keltner channel middle (approximately $ 6,250), resistance at $ 8,500 and a lower limit of around $ 4,000. AO is going down, Stochastic gradually enters the oversold zone, RSI is in the middle (which is typical for the flat) and MACD indicates that the price has not yet reversed (keep in mind that this indicator is very late).

This is the weekly graph:

Here, the resistance of the middle channel of Keltner passes already in the region of $ 7,050 (this shelf is just one of the closest goals), and support in the region of $ 6,000 is $ 6,100. AO is below zero, Stochastic since March is in the oversold zone, RSI is at average values, but MACD is turning around, but it can stay in this state for a long time.

1 day. By day, the picture is more blurred due to the lingering outset.

Rather, it is better to focus on levels than on indicators. $ 6,370 - $ 6,760 - the lower and upper limits of the price movement, respectively.

In general, in the near future, I am waiting for the test of $ 6,780 - $ 6,865 (maybe we will reach 7K). If MM once again does not drop the market, it will be possible to strengthen the position. But neat.

Rebound from $ 6,865 can result in the continuation of flat and tests on the strength of the shelf $ 6,250 - $ 6,000. That is, in general, on large timeframes, the market remains bearish. In the situation of the day, the forces are almost equal, well, maybe with a touch of bullish moods.

Thus, we get approximate boundaries of movement to mid-late October: $ 6,250 - $ 7,000 (plus or minus 200 points) with an exit target of $ 8,500.

To drive the car, it must be filled with gasoline. The same with the market: in order to grow volumes are needed. No volume - no growth. The fact is that they will not appear by themselves, that is, the start of a new rally should be triggered by either an information background, or MM should throw firewood into the furnace. And the best is both at once. In the meantime, the robots on the stock exchange trade with themselves and show us artificially inflated trading volumes, don't have to wait for growth.

I think a week or two of Bitcoin can still be flat. Of course, I don’t expect “to the moon” right away, but I see a gradual growth as a more likely outcome.

I wish you all a successful trading and a good week!

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