Bitcoin Analysis October 2016

by: BestBitcoinBrokers

Hi guys,

It has been a while since my last analysis on Bitcoin. It seems like BTUSD might be getting ready for new highs.

I have been looking a new opportunity and the market might have just given us one.

According to our trading strategy, there is an inside bar that formed on the daily chart today.

It looks like more bulls are willing to take care of the BTCUSD direction.

The imminent support and resistance levels are:

Support- 5400

Resistance- 5900/6000

Bitcoin Analysis October 2016

The 4 Hour chart is giving me further confirmation of the bullish bias of the market participants. Have a look at the chart below:

Bitcoin Analysis October 2016

It looks like there is a pinbar that formed on the 4H chart. From here we might conclude that the possible scenarios look more bullish than bearish.

I will be looking for further bullish confirmations and a possible long trade.




Check out our other article about How Bitcoin Has Changed the Trading Industry


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