the daily chartist

BTC/USD Bitcoin recap for 05.10.2015

published 6 years ago

 Bitcoin started the week strong, pushing beyond the long-held 236.785 tight range resistance only to stumble at 238.687 which is a strong sell zone, which may put some pressure in the short-term for the cryptocurrency to continue its advance towards 240. The price found support in higher volumes for Monday in difference to the past four days, so it is a fair conclusion that money is being poured into Bitcoin. If this continues in Tuesday the price will make it past 238.687 and 240 to make its move upwards to 245.660. If the "front" is held by the bears, the price may move bellow 236.785 again, so watch out for any fake brake-outs or other indications of a reversion. I am still bullish bout Bitcoin moving to 240 and to 245 and in the long term to 262.