Bitcoin Uprising
Alpari Research & Analysis | Oct 15, 2018 09:11AM ET
Last instrument is Bitcoin, which tried to erase the whole monthly drop in one day! BTC is on fire after defending the support on the 5900 USD (yellow). No surprise here as this is an ultimate long-term level, which is crucial for the situation on this instrument. Breakout would be lethal so bulls are trying to protect it at all costs. Does that bring us a buy signal? Not yet. We are still under the lower line of the descending triangle pattern (blue) and the horizontal resistance on the 6800 USD (orange). As long as we are below, there is no buy signal yet. Only the price closing a day above will be an invitation to buy.
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