TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Price Analysis: BTC/USD small glimmer of hope however the game changer would be $7000 breakout

  • Bitcoin price is trading in negative territory, down 0.25% in the second half of the session. 
  • BTC/USD has managed to push for three consecutive sessions in the green. 
  • Near-term price action has edged back above a barrier seen at $6500. 
Bitcoin Price Analysis: BTC/USD small glimmer of hope however the game changer would be $7000 breakout
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price continues to move within an ascending channel structure, at risk of breakout south.

BTC/USD 60-minute chart

Price action has narrowed via the 60-minute chart view, which follows an explosive move higher, after the bulls broke out of a flag structure. A retest of the below pattern could very well be seen, much supply runs from $6800-900 range.

Spot rate:                 6647.43

Relative change:     -0.25%

High:                        6764.67

Low:                         6582.83

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

More from Ken Chigbo
Share:

Editor's Picks

Binance revokes SignalPlus API keys over potential security threat

Binance revokes SignalPlus API keys over potential security threat

Binance, the largest cryptocurrency exchange, announced on Thursday that it revoked the Application Programming Interface (API) keys linked to SignalPlus, a third-party institution-grade technology firm.

XRP gains ground as Ripple CEO says US crypto users aren’t going anywhere after midterms, calls for clear rules

XRP gains ground as Ripple CEO says US crypto users aren’t going anywhere after midterms, calls for clear rules

Ripple (XRP) ticks higher on Thursday, trading near $1.32. The remittance token is up roughly 10% from last week’s trough at $1.20, suggesting that the path of least resistance is gradually flipping upward.

Top Altcoins Price Forecast: Ripple, Cardano and Solana extend post-midterms rally

Top Altcoins Price Forecast: Ripple, Cardano and Solana extend post-midterms rally

Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL) are trading in the green on Thursday, extending a steady recovery so far this week, driven by the post-US midterms relief.

Bitcoin claims $80,500 as short liquidations mount

Bitcoin claims $80,500 as short liquidations mount

Bitcoin (BTC) extends its rebound, climbing above $80,500 on Thursday after closing above the key Exponential Moving Averages (EMAs) the previous day. The rebound comes as a short squeeze triggers nearly $800 million in liquidations over the past 24 hours.

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.