Current price:
$81,314
Down 3.79% today
Today's high: $84,519 and low: $80,939
Market cap: $1.65 trillion
Why is it down?
Trump talked about the Iran war, and stocks fell along with it
Oil is up to $111, and investors are fleeing risk
The Fed will meet on October 27 and 28, and people are worried
Important levels:
First resistance: $82,300 to $82,850
Major resistance: 84,100–84,900.
First support: 80,394–80,863. The 50-day moving average is there at 80,853.
Major support is at 76,179, the 200-day moving average.
If it falls below 81,300, it could head to 79,821, the October 15 low.
If it falls below 74,000, the uptrend will break.
Bitfinex experts expect:
Bitcoin will stay between 81,300 and 84,400 until the Fed meeting on October 28.
If ETFs continue buying more than $500 million, like BlackRock did yesterday, Bitcoin could break above 84,400 and head to 87,220.
If ETF inflows decline and oil keeps rising, Bitcoin could drop to 76,000.
Bottom line:
The market is currently in a Wave 4 correction. It is expected to dip to around 78,000–74,000 before rising again in Wave 5.
Don't go all in right now. Wait for it to break above 82,850 or bounce off 80,400.
Advice:
Stay cautious this week. Everything depends on the Fed. If it holds interest rates at 3.75%, Bitcoin could take off; if it raises them, it could go down—CH.$BTC
