Bitcoin Price Analysis Oct 19 – The major crypto is still under pressure on Oct 19, trading at $6,586.80 and losing 0.4%, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
In the midterm, BTC is trading within a descending wedge, which means a downtrend may follow. In the short term, meanwhile, the lower triangle line is being broken out, after which the price may reach the range support at $6,351.70, and then the midterm support at $6,232.00, Conversely, the price may bounce off $6,351.70, too, which will lead to testing the resistance at $6,489.90. Once this one is broken out, the price may reach the major resistance at $6,656.00, and start a protracted consolidation.
Bitcoin Price Analysis Oct 19 – Fundamentals
When it comes to fundamentals, the news on Poloniex having problems with Bitcoin deposits and withdrawals is on focus. This sent the crypto down in the midweek. The exchange confirmed the issues, but resolved them in a timely manner.
Another news includes the US Marshall Service going to sell the confiscated 600 BTC by auction. This, according to the market rate, is worth around $4.3M or even more. The auction will take place on Nov 5, the participants will have to register and deposit at least $200k.
The auction terms are quite curious: the participants may not see each other’s bids and modify them after placing. The auction will run in two parts. The bitcoins in question were confiscated from the traders suspected in money laundering.
The US Federal Marshall Service have already run two auctions like this this year. On the first one, in January, 3,600 BTC were sold, another one took place in March and amounted to 2,100 BTC. The authority earned around $50M overall.
Meanwhile, Bitfinex is operating again with fiat currencies, which is a positive news for Bitcoin. The exchange’s clients may deposit in USD, EUR, JPY, and GBP again thanks to the updated deposit system.
Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. Smartereum or RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.