October had a bad start for traders looking to Bitcoin(BTC) recover. Following the sale of Bitcoin on September 24th and 26th, another declining candle closes the third red month in a row. BTC is currently trading at $ 8,137, and after the September 24 case, no recovery is foreseeable.
There are two levels of support that protect the currency from further losses. One at $ 8,000 and the second at $ 7,500. We could see further price cuts if the bulls can not reverse the damage at the end of last month. Lets talk about Bitcoin recover.
In addition, October had a bad start for traders looking to Bitcoin recover to $ 8,511 on Tuesday. At 2:00 UTC, prices fell quickly to below $ 8,300.
For bitcoin margin traders, it is important that their trading accounts are credited. You must be ready to take a short or long position at the right time. There are two approaches that should work:
The first is to set pending orders at the price breakpoints.
The second is to have a fast, reliable mobile trading app to customize the strategy when important news appears.
SimpleFX WebTrader is a world-leading mobile trading application for cryptocurrency accounts for margin trading in bitcoin and altcoins.
This third month of losses has paved the way for further price declines. There is a similar monthly pattern as between February 2018 and October 2018. Prices appear to have a solid support base of around $ 7,780, with interest overall changing. This is reflected in the limited price range and lower monthly candle highlights in the last quarter.
It is hoped sellers will tire towards the end of the month as the total volume has decreased from time to time. We’ll see if this theory will become a reality in the coming days as historical data suggests that mid-month volatility tends to increase.
There are no counterarguments in the weekly chart when we compare it to the decline in the monthly chart. The momentum has reached its maximum below the neutral 50 zone of the RSI. This is a measurement of sellers and buyers during a specific period of a particular asset.
In addition, the AO (Great Oscillator), another measure of momentum and market cycles, is showing Bitcoin’s slow but steady decline while prices are struggling to return to over $ 9,000.
Looking at the limited price range in addition to the weekly trend, the Bears appear willing to push the prices over 50 periods to $ 6,700 on the moving average.
If prices rise above $ 9,400 and then over $ 9,800, it will help reverse recent market developments and restore investor confidence.
There is another reason to trade with SimpleFX in October. The app offers reduced spreads for all transactions. The traders who get the most out of the action will receive a cashback of $ 500 in Bitcoin.