Bitcoin [BTC] Price Analysis for October week 3

2018-10-19 23:10

The pair was dominated by a bearish trend before embarking on a slow dip. It was attributed to tax avoidance due to an impending requirement to file tax returns on BTC. Investors looked to make quick sales ahead of the deadline.

Throughout the week, prices oscillated between the $6,200 mark (as seen between Point A and Point C) and the $6,800 mark apart from October 15 (Point B) when the resistance level was breached to a new month-high of $7788.

Summary

 

Generally a bullish trajectory, breaking the $6,600 support to a high of $7780 before taking a slow dip to a new low of $6582. The pair registered a 20% gain within the week. Support lay at around the $6,600 mark and resistance at $6800, breaking the psychological support level on October 17 due to mass sell offs of BTC. (Point B) If the bearish trend continues, chart patterns indicate support levels are likely to come to $6,200.

The chart

The pair gained 18% in the first half of the week and took a nose dive in the last half, taking a slight 2% loss. This is following a dead-cat bounce experienced at the end of the previous week. Chart patterns for the BTC/USD on October 15 indicated a price rally that seemed to indicate a break from the $6,600 support level.

IRS tax return on Bitcoin

On October 17 however, a dip in the pair’s price occurred. It was attributed to the impending IRS requirement to file returns on tax. Earlier in 2014, the regulator had categorized digital tokens including BTC as ‘property’ as opposed to ‘currency’. In order to avert incurring taxes on the digital tokens, BTC holders made quick sell offs consequently leading to the dip in prices.

The week, having kicked off on a bullish trend, seemed to inspire optimism to investors only to dampen their hopes as was seen with the  9 day and 30 day EMAs. The 9 day moving average crossed over the 30 day moving average on October 15 signaling a bullish trend (on one day charts). The 9 day EMA acted as the support level for the bullish trend.

The post Bitcoin [BTC] Price Analysis for October week 3 appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97003.84 (-0.05%)
Объем 24H $40.988b
Изменеия 24h: -0.37 %, 7d: -5.57 %
Cегодня L: $96041.94 - H: $97458.26
Капитализация $1920.639b Rank 1
Цена в час новости $ 6455.41 (1402.68%)

btc week between tax bitcoin price october

btc week → Результатов: 126


Фото:

Huobi Joins OKEx in Adding Four New Stablecoins

Huobi Global has announced its decision to list four USD-pegged stablecoins by the end of the week. In a support notice published on its platform, the company noted that users will be able to make deposits for Paxos Standard Token (PAX), True USD (TUSD), Circle’s (USDC), and Gemini exchange’s (GUSD) on its exchange starting from Friday, October 19, 2018 (GMT +8).

2018-10-17 21:15


CEO Of Tron Hints New Partnership, TRX Coin Price Pump Present Again

In a recent News BTC report, it was noted that the crypto market has lost yet another USD$20 billion in its total market capitalization last week. As witnessed via statistical data, Bitcoin’s and Ethereum’s value remained the same more or less, while altcoins found themselves in a fluctuating situation. By the weekend, most of the […]

2018-10-15 08:50


Bitfinex временно остановила прием фиатных депозитов

Одна из ведущих биткоин-бирж Bitfinex полностью приостановила прием депозитов в долларе США, евро, иене и британском фунте, сообщает The Block. Об этом также написал у себя в Twitter известный в сообществе трейдер Squeeze, приложив соответствующий скриншот.

2018-10-11 16:45


СМИ: биткоин-биржа Bitfinex приостановила прием фиатных депозитов

Одна из ведущих биткоин-бирж Bitfinex полностью приостановила прием депозитов в долларе США, евро, иене и британском фунте, сообщает The Block. Об этом также написал у себя в Twitter известный в сообществе трейдер Squeeze, приложив соответствующий скриншот.

2018-10-11 15:28


Фото:

Bitcoin Remains Firm Around $6,500 Mark for Fourth Consecutive Week: BTCManager’s Week in Review

The price of bitcoin remained stable around the $6,500 mark through the week to close effectively unchanged versus last week’s close. This marks the fourth consecutive week that bitcoin has found a footing around the $6,500 level, which has prompted several bitcoin community members to refer to bitcoin as the “new stablecoin.

2018-10-10 11:00