Bitcoin price moves steadily between $6100 and $6800 with no clear direction in sight. Will price break above $6800 to continue the bullish recovery or drop below $6000 to make a new low?
BTCUSD opened around $7000 this month but now stays below it for the the third week running. Early last month, price peaked at $7400 (month high) and dropped fast to $6100 which was September low. In-between, price has steadied between $6100 and $6800. The rally from $6100 still looks corrective. Despite last week 7% gain, the bears have not shown to have completed their run as price remains unhealthy enough to break away, above $7000. It's logical to think a break above $7000 could eye the $8000 handle while a break below $6100 will probably make a new low below $5700. In the last update, it was expected that the bears will continue as the chart below shows.
Price broke below $6500 as expected and now close to the double zigzag channel base. A break below the channel will take price to the month's low at $6100. The ideal near-term bearish target is $5700-5900 which is a support zone. Price could make the next bounce at the support zone before digging further. A break below will most likely see price at $4000. This forecast will be valid until price breaks above $6850 which is less likely.
Bitcoin price prediction: what next?
Price quickly recovered close to $6800 after the last update. Despite the recovery, it once again lacked enough bullish momentum to break above $6800 for a new high last month. $6800 is the closest technical price resistance. A break above $6800 would probably see price eyeing $7000 again. The preferred scenario still points downside as we count an impulse wave 3 toward $5700 and below. The bearish scenario will have a better chance if price breaks below $6350 short-term support significantly. A new low this month is till very much likely from technical analysis perspective. It's important to watch out for headlines and high impact occurrences as they are capable of causing big spikes.
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