BTCUSD Daily Forecast Oct 17 2018

Bitcoin: Bearish Bias below 6500 Despite Hesitation!

No change, as long as 6500 resistance holds on a daily closing basis, the BTCUSD remains on the downside to 5827 levels, a halt is likely, it may test 6029 before attempts another fall below 5827 levels, however; a cut through 5827 will aim the 5578 levels, further downs, support stands at the 5300 levels.

On the upside, immediate resistance is seen at the 6500 levels, a daily closing above that level will turn outlook neutral for testing 6758/6947 levels, it may turn lower from here, but if this fails to happen, the pair will extend the corrective recovery to 7355 levels.

Conclusion: The BTCUSD sees downside threats below 6500 levels …

Support: 6029, 5827, 5578, 5300

Resistance: 6500, 6760, 6947, 7355