Tanya Abrosimova
Independent Analyst
- BTC/USD stays in a narrow range above $6,600, capped by $6,400
- The first suppoert comes at $6,560-$6,580 area..
BTC/USD is changing hands at $6,615, trapped in a narrow intraday range. The digital currency No. 1 recovered from Saturday’s low at $6,450 and settled above critical $6,600 handle, but the upside momentum seems to be too weak to take it to the next key level. BTC/USD finished the last week of September with marginal gains, but remain in a red zone as of the end of September.
Bitcoin’s short-term technical picture
Looking technically, BTC/USD is well-supported by a host of 1-hour moving averages clustered in $6,560-$6,580 area. Once it is cleared, the sell-off may be extended towards $6,520 support, created by the short-term upside trendline from September 25 low at $6,327. The next important technical level is created by September’s low at $6,108 and followed by critical $6,000.
On the upside the numerous attempts to go past $6,640 handle failed, which means that this short-term resistance might be a hard nut to crack. Created by a confluence of SMA levels, including Fibo 61.8% weekly, 1hour high, 4hour high and Bollinger Band 1hour Upper, it serves as an immediate barrier on the way to $6,700. Once it is cleared, the upside will speed up towards $7,000.
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