Bitcoin Price Analysis Oct.26: Same dull story, but Friday is coming up

Even the volatility coming from the stock markets couldn’t affect Bitcoin to move out of its comfort zone around $6400. Not much is new since our previous BTC analysis. The range and time frame are getting tighter. We could expect the anticipated move very shortly. The trigger might be the CME futures expiration, which takes place tomorrow (Friday).

  • The bigger picture hasn’t changed much: Low volume, no action.
  • Bollinger bands (marked in the chart) have a very close range. This indicates on the coming-up move, as mentioned above.
  • Bitcoin is (still) on top the $6400 support area, close to support at $6350, and around the three moving average lines (200, 100 and 50 days MA).
  • Bitcoin is encountering resistance by the descending trend-line.
  • The next significant support lies at $6250 and after is $6100. The next major resistance area is located around $6670 and $6800.
  • BitFinex has 31K BTC open short positions. Average for the recent month.
  • Nothing interesting regarding RSI levels.
  • As a reminder: The market is still bearish. I would change my mind, if and only Bitcoin will create a higher-low and breaking above $6800.

BTC/USD BitStamp 4 Hours chart

BTC_Oct26Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

The post Bitcoin Price Analysis Oct.26: Same dull story, but Friday is coming up appeared first on CryptoPotato.

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