Bitcoin price is seen trading in the green on Friday after spending weeks consolidating in tight range-bound trading conditions. Will the upward move continue? Gain insight from the following technical analysis.
2 November, OctaFX – The cryptocurrency market finally experienced directional movement this week, after spending weeks consolidating in tight range-bound trading conditions.
Bitcoin, Ethereum and Litecoin all dipped lower earlier the week, as the broader cryptocurrency succumbed to technical selling pressure. Ethereum and Litecoin suffered the worst of selling, with both popular tokens declining over five per cent at one point.
However, sellers failed to build on early week losses, prompting cryptocurrencies to recover back towards their previous trading ranges as the new month of November got underway.
Bitcoin Price Technical Analysis
- The BTCUSD pair is only bullish while trading above the $6,550 level, further upside towards the $6,730 and $6,800 levels seem possible.
- If the BTCUSD pair trades below the $6,200 level, further losses towards the $6,050 and $5,800 support levels remains possible.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.