Resistance levels: $7,000, $7,200, $7,400
Support levels: $6,600, $6,400, $6,200
The Bitcoin price has remained in a range bound movement for a possible price breakout. On October 11, we had a bearish breakout when the BTC price was in a range bound movement.The bearish breakout took the price to the low of $6,220.40 and commenced a bullish movement. The bullish movement led us to a bullish breakout.
However, the crypto's price had since been ranging at the $6,742 price level. Now if the price ranges and rise to the $6,800 price level, we may encounter a bullish breakout. The rpice is expected to reach the $7,400 and $8,500 price levels. On the other hand, if the range bound movement falls towards the $6,400 price level, we may encounter a bearish breakout. The price may reach the lows of $6,200 and $6,000.
Meanwhile, the Relative Strength index period 14 is level 56 which indicates that the crypto’s price is nearing the bullish trend zone.
On the short term trend, the Bitcoin price is in a range bound movement. We have three segments of range bound movement. In the first segment, we have a range bound movement that produced a bearish breakout. In the second segment, we have a range bound movement that produced a bullish breakout. In the third segment, we are expecting a price breakout as explained previously.
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