Bitcoin Forecast October 29, 2018

Bitcoin did very little again during the day on Friday, as we continue to hover around the $6500 level. Quite frankly, at this point there isn’t much you can expect out of the market as there is simply no catalyst to move. We have sliced through the descending trend line that was so bearish for so long, which in and of itself is a slightly positive turn of events. However, we haven’t taken off to the upside and at this point I don’t see a reason why we will, at least not in the short term. The market is very likely to continue to go sideways overall, and therefore it is a market that you can only scalp, and longer-term positions are going to be difficult unless you are willing to sit on a position for ages.

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