- Bitcoin will stay in the current range at least for a month.
- $6,300 turns into important short-term resistance.
BTC/USD is trading at $6,289, off the Asian low of $6,235. Bitcoin’s price has barely changed in recent 24 hours despite growing trading activity in some altcoins.
Craig Cobb from TraderCobb.com expects that the leading cryptocurrency will stay within the current range, capped by $6,500 handle and move towards $7,000 by the end of 2019.
“With bitcoin being very stable and within a range between $6,800 and $6,100, it is hard to suggest anything will change until it breaks this range. With the ETF (announcement) and BAKKT looking to be on the way before December 1st, it will be hard to predict with any accuracy,” he said in the poll conducted by Finder.com.
Bitcoin’s technical picture
From the shorter-term perspective, BTC/USD needs to return above $6,300 handle as soon as possible to mitigate the bearish pressure. The Relative Strength Index has reversed from the oversold territory and now points to the North, which implies that the recovery may be underway. The next resistance area is created by a confluence of 1-hour SMAs in the area $6,355-$6,375.
On the downside, the critical support lies with $6,200. A sustainable movement lower may increase the downside momentum with the next aim at the recent low $6,060.
BTC/USD, 4-hour chart
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