Bitcoin Trend / 24-10-2017 Midday Update

Expected trading for the rest of day is between 5300.00 support and 5800.00 resistance
The price of any coin is driven by supply/demand ratio.
The value a coin is driven by supply/demand ratio.
For example, if the number of buy orders is more than the number of sell orders, the value/price of the coin will increase.

Bitcoin is only a currency because we decide it is. In essence, we are giving it value. If enough people give it value, for example by buying bitcoin with fiat currency, the price increases. Now, the inverse also applies. If enough people sell bitcoin, it pushes the price down.

So it becomes a game of psychology.

Bitcoin price shows some bullish today to retest 5700.00 level.

EMA50 forms negative pressure and support the correctional bearish trend.

Stochastic & RSI show exhaustion among bears.

Bitcoin continued its negative pressure towards 5422.00 level.

Breaking 5422.00 and hold below it, will move the price to test 4950.00 level.

Breaching 5920.00 barrier and hold above it, will cancel the suggested bearish correction and will push the price again to 6200.00.

Expected trading
for the rest of day is between 5300.00 support and 5800.00 resistance.
Expected trend for the rest of day: Bearish.

Source

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED