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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Technical analysis of Bitcoin for October 8, 2018

Bitcoin continues to trade inside the long-term sideways triangle pattern that has been formed since February. Traders should be patient and not try and front run the market. Traders should wait for the triangle boundaries to break before taking action.

analytics5bbaff269bfe8.png

Red line - resistance trend line

Green rectangle - support

Bitcoin has reached more than 5 times the support area between 6,000$ and 5,700$. Each time support was respected but the following bounce was weaker. This resulted in a series of lower highs and the creation of the red downward sloping resistance trend line. Resistance is now at 6,850$. If Bitcoin breaks the triangle to the upside we should expect a move to reach 10,000-12,000$. If price breaks support we should expect Bitcoin to move towards 500$.

The material has been provided by InstaForex Company - www.instaforex.com