BTC/USD: Bitcoin consolidates between 6233.95 and 6141.80
|BTC/USD: Bitcoin consolidates between 6233.95 and 6141.80
What is going on with BTC/USD?
BTC/USD: Bitcoin failed to hold at 6474.75 as indicated on my last update Wed 10/10 and plunged to the bottom at 6056.70. The pair has been consolidating for the past two days in the 60 minutes price chart and continued in today's session.
Our forecast
BTC/USD: Bitcoin currently trades at 6226.85 within the consolidation price range between 6233.95 and 6141.80 in the 60 minutes price chart. Bitcoin prices need to break and hold above 6233.95 to continue to 6341.20. The pair also needs to maintain above 6141.80 to hold the current trend.
Support - 6141.80 and 6056.70
Resistance/ Target - 6233.95, 6275.20, 6341.20, and 6408.60
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Chart 1: The short-term view of the BTC/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the BTC/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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