Bitcoin stays below $6300 in a sideway range as the Crypto market looks for trigger for the next direction.
October 2018 | AtoZMarkets – BTC has been silent since the beginning of the week, oscillating between $6500 and $6350 while choked in a technical triangle pattern. The ongoing Crypto market optimism has not reflected in the market price yet. The optimism was thought to be shown wby the 15th September bullish engulfing candle pattern on BTCUSD daily chart. The downside risk still prevails unless a quick bullish breakaway happens far above $6500. $6350 has been the support level since last week. A break below $6350 will most likely see BTC trading around $6100.
Market volume this week has been less than what the market worked with last week. Today's BTC market cap was little unchanged from yesterday's at $112.4 billion while market volume at $3.5 billion was $400 million more than yesterday's.
Bitcoin Technical Analysis and Important Levels
The chart above is very similar to yesterday's BTC technical update. The sideway move since 16th October is fitting well in a triangle pattern. The downside risk still persist and will linger if price drops below 6300 weekly low. 6100-6200 is the next bearish destination if the breakout happens downside. A break above 6500 on the other hand, will see the bulls salvage the market once more. 6700-7000 is the nearest price bullish zone.
Where and when do you think the breakout will happen?