Updated: 10/21/2015 13:05
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bitcoin rate overview october 21
Observe the latest changes of Bitcoin price, its volatility and possible options for the market development in the bitcoin rate overview published today
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Observe the latest changes of Bitcoin price, its volatility and possible options for the market development in the bitcoin rate overview published today

The bitcoin rate dynamics by the middle of the week shows pretty much of volatility close to maximum autumn rates. The price yesterday returned to October maximum rates again after slight correction. By the morning on Wednesday it stands without changes. So far it is not clear enough, if there is going to be some correction and what will be its direction.

If you take a look at the previous growth wave, which has been in action since the start of June till the middle of July, it can be clearly seen, starting from the traded range the movement was step-wise, in other words impulse growth rotated with the smooth and short-time correction. Similar scenario can be observed now as well, however we should be aware the history never repeats in all the details, there is just a common similarity.

As a matter of fact the rate now depends on two major obstacles: high limit of a rising trend and range traded, negotiating this range will lead us to the year maximum of $300-$310 with intermediate stops around $280, $287 and $296.

All told it's not clear yet, how will the correction look like. The start of excursion increase can be placed in the forming triangle, which would make sense. Here, though, we need to mention the limits can alter, though currently it looks like that.

All in all it should be mentioned that in the moments like that it makes sense not to make any sudden and quick movements, instead it would be better to wait for the confirmation of price movement to one or another side. Which is to say, it can be either the high limit negotiation and playing "long", or moving down as the downward correction continues.

There's always an important notice, after some earning wave, which could make benefit for the majority during the first half of October, one should take a sensible view of the market and be able to slow down in a situation, when things look double. Trading is like fishing: fisherman waits for the proper moment and then strikes strong. Traders act the same way. There is an interesting expression: there can be trivial fools and there can be trader-fools. Ordinary fools always do something wrong, trader-fools think they can trade permanently. Don't make stupid mistakes. Let's watch the market situation further on.

About the author

Nicole Berger has over seven years experience writing and editing for online and print media. She has held various editor and associate editor positions in some of forefront independent media publications. A consistently dependable team player, I thrive in a high-pressure environment, enjoy the challenges of meeting deadlines and managing a team, and am comfortable researching, writing and editing on a wide range of topics.
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