International Monetary Fund (IMF): Bitcoin's Rapid Development Of Poses New Financial Challenges

BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,400, $6,200, $6,000

In the month of September, the BTCUSD pair was in a bearish trend. The BTC price had an opening balance of $7,036.25 but depreciated to $6,569.86 as at  the end of the month. In the other words, investors had lost about 6.62% of their capital in September 2018. On September 5, the BTC price was resisted, and price fell to the low of $6,169.30. The bulls had not recovered in the bearish trend. In the first week of October, the bulls and the bears are undecided about where price will go. The BTC price is ranging at the $6,600 price level.

If the digital currency has a bearish breakout the $5,900-$6,000 price levels might be revisited. On the other hand, more buyers will be needed to break the resistance at $6,800 and reach the high of $7,400 price levels. Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 46 which indicates that  price is in the range bound zone.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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