Bitcoin meets new resistance to start the week

In Industry News

Early last week, Bitcoin showed signs of bull momentum with a USD200 rally up to the USD6,550 area. Since then, the bulls have lost momentum and Bitcoin has once again broken an area of support at USD6,400, a level that was tested and held a number of times in the last weeks of October.

Earlier today, Bitcoin registered a large green candle after wicking down to USD6,280. It then experienced a heavy rejection at USD6,400, and it appears this former support level has shifted into a resistance role for the time being.

Many eyes were on Bitcoin Cash this past week. Following a 4-Wave completion on the 4-hour chart resulting in a 40% increase in price, BCH finished Wave 5 over the course of the week with a high of USD648.

Since then, BCH has retraced 21% down to the 0.618 fibonacci level. In most cases, a heavy retrace like this could be a signal to enter a short-term long position. However, with Bitcoin Cash’s impending contentious hard fork, most traders are choosing to stay out for now.

All guest authors’ opinions are their own. Liquid does not endorse or adopt any such opinions, and we cannot guarantee any claims made in content written by guest authors.

This content is not financial advice and it is not a recommendation to buy or sell any cryptocurrency or engage in any trading or other activities. You must not rely on this content for any financial decisions. Acquiring, trading, and otherwise transacting with cryptocurrency involves significant risks. We strongly advise our readers to conduct their own independent research before engaging in any such activities.

Liquid does not guarantee or imply that any cryptocurrency or activity described in this content is available or legal in any specific reader’s location. It is the reader’s responsibility to know the applicable laws in his or her own country.



Providing liquidity for the crypto economy.