Bitcoin sentenced to a narrow range, Michael Moro from Genesis Global Trading bets on bullish escape
|- BTC/USD is glued to $6,400 amid low trading activity.
- Genesis Global Trading CEO expects that Bitcoin will reach $10,000 handle sometime soon.
Bitcoin is changing hands at $6,423, down 0.40$ since this time on Sunday and practically unchanged since the beginning of the day. The digital coin No.1 has been rangebound ever since it recovered from the recent slump above $6,400 handle.
Meanwhile, Bitcoin still has a chance to return to $10,000, according to Michael Moro, CEO of Genesis Global Trading. Speaking in the interview with CNBC. However, despite the overall optimism, The experts refrained from conveying exact dates.
“The last time I was on this show, I said that we were more likely to see $10,000 in Bitcoin then $5,000. So far, I’m not wrong. So I am still sticking by that prediction. Because of what we are seeing in the ebbs and flows on the loans side [of our business] I have that confidence that I don’t think we will see $5,000 flat. [However,] timing wise, I am not too sure when this is going to happen,” he said.
Bitcoin's short-term technical picture
BTC/USD is supported by the lower line fo the recent consolidation channel at $6,400 with SMA50 - 4 hour at $6,390. Once this area is cleared, the downside may be extended towards the next psychological level $6,300, followed by $6,200 and possibly $6,060 (the recent low).
On the upside, a sustainable movement above $6,480 is needed to proceed to $6,500. This area limited the recovery since October 16. If it is cleared, the upside may continue towards even stronger resistance of $6,600.
Flat Relative Strength Index (RSI) signals that the chance to escape from the range any time soon is minimal.
BTC/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.