bitcoin cash trend october 18 2018On September 6, 2018, the Bitcoin went into consolidation. This was after the drop of BTC from distribution zone of $7,383 moving to the accumulation zone of $6,113. Since then the BTC against US dollar is been traded on a range, which is between $6,807 and $6,113 of the accumulation zone. This range of BTC seems to be for a long term.
During the first half of October, the bullish trend in market forced the BTC/USD to move in the direction of north and moved up to the $7,804 of distribution zone after hitting the zone at $6,807 and $7,383. However, it was unable to break further as the strong bearish trend and high forces in the market forced it to come back on its previous range from $6,807 to $6,113.
If the bulls passed to enhance their forces and keep them for the longer period then there will be a chance for BTC against US dollar to move towards the north and break further. Nevertheless, if the Bears enhance their momentum then there is the chance that the BTC/USD pair will move down to $5,848 of accumulation zone after breaking the support level at $6,113.
When the BTC dropped to the $6,113 of the distribution zone on September 6, it alliance with USD and moved in the $6,807 – $6,113 range. Later on, the Bulls triggered the pair to move up to $7,804. However, after the invasion by bears, the BTC against US dollar fall back to $6,807.
By looking at these facts, we can say that price is currently present on 10-day and 50 day EMA by keeping both the EMAs in parallel order that reminds the merger of BTC and USD is still on.
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