BTCUSD Daily Forecast Oct 23 2018

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Bitcoin: Consolidates With Downside Bias!

As long as 6500 resistance holds on a daily closing basis, the BTCUSD remains on the downside to 6138 level ahead of 6036 level where a cut will aim 5830 level, a halt is likely, and it may test 6036/6138 levels before another fall, anyway; below 5830 will target 5580 level, further down, support comes at the 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 6686 level before another fall, above 6686 will extend the corrective recovery to 6913/7012 levels, further upside, resistance comes at 7327 level.

Conclusion: The BTCUSD still sees downside threats below 6500 level, above 6500 sees recovery threats to 6686 level before another fall…

Support: 6138, 6036, 5830, 5580

Resistance: 6500, 6686, 7012, 7327

 

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