BTCUSD Daily Forecast Oct 18 2018

Bitcoin 6598 2

Bitcoin: Remains Bearish Below 6500

As long as 6500 resistance holds on a daily closing basis, the BTCUSD remains on the downside to 6029 level ahead of 5827 level. A halt is likely and it may test 6029 before another fall below 5827 level, next support comes at 5577 ahead of 5300 level.

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 continues to face downside threats below 6500 levels …

Support: 6029, 5827, 5578, 5300

Resistance: 6500, 6760, 6947, 7355