BTC Analysis and Forecast (Oct 8th, 2018): Bitcoin confused by SEC going back and forth

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Bitcoin has gone to the final point of the convergence tunnel when SEC helps nothing in further speculation

Although Bitcoin broke through the upper trendline for two times, uptrend is still uncertain due to lack of momentum as volatility is at 17 - month low. The longer time the price runs in the range, the stronger the breakout is; however, it’s hardly predicted whether Bitcoin breaks up or break down at the time.

Several fundamental news:

One of the biggest stock brokerage firm, TD Ameritrade, announced its strategic investment in ErisX - a cryptocurrency exchange of OTC and futures.

In other development, Bitfinex, the most popular crypto platform in the U.S., partnered with HSBC for clearing house service after the only banking fellow, the Noble bank, filed for bankruptcy at the beginning of this year.

Updated from SEC: deadline for any approval or opposition about Bitcoin ETF amendment will be finalized by November 5th, according to SEC's publication on official website last week.

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According to Bloomberg, Bitcoin market is maturing which might have caused recent decline in trading volume and volatility. Mike McGlone, Bloomberg Intelligence commodity strategist stated: "... so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging."

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Bitcoin volatility is reported to be lingering at the 17 - month low for a period of time. Bitcoin price used to jump significantly from $5,900 to around $8,200 when volatility hit this low in June 2018.

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BTCUSD price chart H4 Oct 8, 2018

On chart H4, Bollinger Bands is tightening as the price is heading up from the middle MA. This MA may become a temporary support for Bitcoin in the shorterm.

On chart H1, RSI is lingering at medium level of around 52.0 point indicating no significant tendency. There is a high chance that Bitcoin could escape boring sideway period to fly above the barrier of $6772. In the worst case, Bitcoin would crawl down to the support level at $6127.

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BTCUSD price chart H1 Oct 8, 2018

Written by nami.today

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