BTC Update 10.10.2018

As we stated in our previous update the more probable move for bitcoin was to push towards $6800 resistance zone, however a retest of lower trendline is possible.

Now as visible on the chart we are drawing, that retest is happening at this very moment as bitcoin is currently priced at $6550.

This is a critical level and a decision point for bitcoin. Should we break this level, we are heading lower to test former supports.

Those would be $6470, $6350 and $6200 levels.

Our bearish continuation would be confirmed and we would still expect a bounce at one of those areas. For now the safest play should the current support be broken is to wait it out OR stay in usdt. After that retracement happens and we get confirmation of a strong support, we will be taking new positions.

Historically Q4 has been a very good period for bitcoin and we have no big reasons to believe this year will be any different!

Stay tuned for our next updates!