Bitcoin volatility collapsed as it is changing hands at $6,578 at the time of writing. Where is the digital coin No.1 headed? The following BTCUSD technical analysis explains.
19 October, OctaFX – Bitcoin recovered marginally higher this week but largely struggled to hold onto earlier gains as the world’s number one cryptocurrency continued to suffer from record low volatility.
The broader cryptocurrency market had spiked higher in early week trade, largely erasing the former week’s losses but quickly settled back into narrow trading ranges seen earlier this month.
Ethereum, the second largest cryptocurrency once again struggled around the $200.00 level, while Litecoin also failed to make meaningful gains above the $50.00 benchmark.
BTCUSD Technical Analysis
- The BTCUSD pair is only bullish while trading above the $6,500 level, further upside towards the $6,700 and $6,838 levels would then seem possible.
- If the BTCUSD pair trades below the $6,380 level, further losses towards the $6,000 and $5,800 support levels seems likely.
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