Our most recent TA posted on Sep 24, 2018, is still valid. BTC is still moving between $6,200-6,600 and volatility is at extreme lows indicating the possibility of an explosive move in one of the directions. This move will set up the fate of the entire crypto market for the medium term. The Crypto Market including BTC is in a bear market since Jan 2018 and most of the Alts are down almost 90% from their ATHs. If BTC closes below $5,750 on a weekly chart, then this could be a start of a secondary bear market and altcoins could lose their value much faster than BTC.
The red highlighted area ($,6750-7,000, based off the confluence of multiple MAs, Fib Levels, and Pivot points) remains a strong resistance and there have been two failed attempts by the buyers to push past that. BTC tends to respect the decision on the third attempt on a support or resistance lines: which means if the price gets to $6,800 the third time and fails to cross it, BTC will be pushed back to $6,000, however, a clean break above could stage a rally up to $7,000-7,250.
Current Bias: Neutral
Break above $7,500: Bullish
Break above $8,500: Outright Bullish
Break below $5,750: Bearish
Note that a break above or below means that price closes at that level on a weekly chart.
Here is a monthly chart on a log scale: It will be interesting to watch the first green candle after continuous red and Parabolic SAR (Plus Symbols) printing at the bottom of the candles.
BTC range is getting smaller and will be forced to pick a direction within 1-3 weeks. The Bollinger Bands (Pink Lines) have squeezed in indicating a soon to be explosive move. The RSI is in a neutral area and not giving any hints. It is difficult to say which direction BTC is likely to move, my bias remains neutral until the market chooses to make a move.
Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
