Bitcoin Price Analysis Oct.16: Where are we after yesterday’s madness?

Written by Coiniacs

Whether to the side (together with the breaking of this long-term descending line) or into the side (Tether is very likely to cause substantial damages to the crypto business ).

What’s for certain is that we can not rely on the BitFinex Bitcoin chart as it is trading from USDT or even Tether. From today on, we’ll examine the BitStamp Bitcoin USD graph.

Because it was just like a dump and pump movement — Concerning the pump out of yesterday, it could be observed because this candle’s tail. Obviously, the candle’s trading volume was enormous.

Now what?

  • Bitcoin is analyzing the long term descending trend-line, which began somewhere around March this year after Bitcoin’s cost was approximately $11,700.
  • The general momentum remains bearish. I’d begin breaking over $6800 and thinking at a situation of producing a higher-low about the marketplace.
  • The summit reached close on BitStamp at $6756 yesterday. Service lies is 6100 and at $6250.
  • Following yesterday’s short squeeze, BitFinex brief rankings are beginning to collect again.
  • RSI levels are in their elevated degrees; Economy is overbought at this time.

About the author


Leave a Comment