BTC Analysis and Forecast (Oct 1st, 2018): Stay bullish stay foolish on Bitcoin

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Bitcoin retreated from Fibonacci 23.6 - a strong barrier for the 3rd time over the past two weeks. Though third time’s a charm, can Bitcoin succeed at the fourth attempt?

Against our last weekend expectation that Bitcoin would break above the descending triangle and skyrocket, the pairs is stilled trapped in the convergence area.

Last Friday, BTCUSD rallied to the upper edge of the triangle pattern but failed to overcome this level and dropped to $6454. It could be seen that this Bermuda triangle is very difficult to break through. Besides trading volume remains in low level when both bull and bear are showing their inconsistent to market movement and don’t want to put on fire yet.

bitcoin, btc, fibonacci, fibo, resistance, support, bakkt, tom lee
BTCUSD price chart H4 Oct 1st 2018

On chart H4, both RSI and Stochastic are heading upward to the overbought area paving more rooms for continuous rally. BTCUSD inclines to retest the resistances at $6684 and $6756 for the fourth time over the past two week. A significant increase is anticipated.

A close scrutiny of chart H1, Bitcoin has officially escaped low level at  $6558 which will become a new support for bitcoin then. However, traders are highly recommended to stay away from the market until there are clear signals that two resistance levels mentioned above has been conquered. By retiring to $6558, Bitcoin is collecting momentum for the upcoming climbing.

bitcoin, btc, fibonacci, fibo, resistance, support, bakkt, tom lee
BTCUSD price chart H1 Oct 1st 2018

The increase marked by lime circle on the chart H1 above was a fall breakout.

For your reference: Tom Lee believes on bitcoin's reverse this year based on two catalysts, namely consolidating fundamental backgroud of crypto market and the appearance on Bakkt. 

Written by nami.today

Feature image from HedgeEye

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