Technical analytics

Bitcoin market technical outlook


Analysis method - “Trend Potential”

October 12, 2018

Daily chart:

Lower Bollinger band is broken, that is a signal of further decline. At the same time ADX is in a weak area, that tells about probable prior correction towards middle Bollinger band (6511.68).


Locally the downward dynamics in direction of lower Bollinger band (6018.38) is still in place.


Bitcoin is being traded inside the narrow horizontal channel 6171.56-6197.01 intraday.


Main scenario: Decline towards 6018.38.

Alternative scenario: Flat in the 6171.56-6197.01 range.

Trading recommendations:

Shorts towards 6018.38.

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