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The plan to buy BitcoinSince 8th of September Bitcoin has been steadily rising producing higher highs and higher lows, while bouncing off the uptrend trendline. However, on the 28th of September BTC/USD failed to break above the previous high and rejected the 50% Fibonacci retracement level for the second time. Clearly, the resistance has been formed near USD 6,800, but at the same price continues to bounce off the uptrend trendline. Its not a surprise to see price consolidating once again, considering overall cryptocurrency market indecision. The question remains, what to expect next from Bitcoin? Where and when to buy? It seems to be reasonable to make these decisions based on the price activity, occurring under the heavy trading volumes. While the current trade volume is very low, in the past it has been increasing the most when Bitcoin was trading at $6420 price level. This level also corresponds to the 23.6% Fibonacci retracement and still acting as a strong support. The probability that price will get back to this level is high, especially after BTC produced a double top at $6760. Bitcoin might decline towards $6420 - $6260 area unless the recent high at $6.6k is broken. Traders and investors are likely to pay attention to the $6200 area, looking for a buying opportunity. Although to consider buying the Bitcoin, price clearly has to either reject one of the support level or produce a new higher high, breaking and closing above the $6823. To finalize, BTC/USD doesn’t have an established direction for the short and medium turn. The buying opportunity might present itself near $6200, although this could be a risky purchase. On the other hand, breakout approach seems to be a safer way to go. To confirm the decision, one could check the RSI oscillator for the triangle breakout, along with the resistance breakout and high trade volume. Support: 1. $6420 2. $6266 3. $6116 4. $6000 Resistance: 1. $6600 2. $6760 3. $7420
COINBASE:BTCUSD
by CryptalDash
4
ReddCoin (RDD) – market reaction to the ReddID releaseReddcoin is a micro tipping platform for sending tips over the social networks. On the 1st of October ReddCon has announce the release of the ReddID, that has to simplify the process of “social tipping”. The ReddID enables Reddcoin holders to name the wallet instead of using a complex 16 characters jumble. Indeed, this should make the social tipping much faster, easier and user-friendly, but the question is whether Reddcoin will be able to compete in this marketplace. Based on the market reaction, the ReddID wasn’t something very exciting as after the announcement price went down. Lets have a closer look at the chart. On the 1st of October, when the ReddID has been released, price has bounced off the 82 satoshis level, that is 78.6% Fibonacci retracement. Currently RDD/BTC is trading at 61 satoshis, which is 26% lower from the date when ReddID was released. Clearly, not much of a positive reaction by the market participants, but instead a disappointment? The price is approaching 45-55 satoshis support area, which corresponds with the 23.6-38.2% Fibonacci levels and the point where the uptrend trendline has been rejected on the 21st of September. It could be a strong support for Reddcoin, triggering another attempt to go higher. But at this point, as the resistance is holding, RDD might consolidate or even reverse to the downside. Below are the important levels to watch. Support: 1. 55 satoshis 2. 46 satoshis 3. 29 satoshis Resistance: 1. 82 satoshis 2. 112 satoshis 3. 137 satoshis Break above 82 sats or below 46 sats could trigger the next wave. Where? It depends whether it will be the upside or a downside breakout. On the upside, price could reach 137 satoshis. On the downside, price could go as low as 30 satoshis. Based on the Fibonacci Time Zone indicator, most recent wave has started on the 15th of August, while the next wave will start on the 25th of December. As the RSI downtrend was broken, the probability of the uptrend continuation seems to be higher. Therefore, the end of the year could be the end of the current wave upwards, unless the support is broken.
by CryptalDash
5