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Bitcoin technical analysis: BTC/USD big retest of breached range eyed

  • Bitcoin price is trading in the negative territory, down some 2.30% in the second half of the session. 
  • BTC/USD smashed out of a narrowing range block between 25-27 October, leaving the door open to further upside momentum.
  •  A retest of the above-noted range block is on the cards, as the momentum to the upside cools.
Bitcoin technical analysis: BTC/USD big retest of breached range eyed
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

BTC/USD is edging back down towards a daily retest of the breached range that had been containing the price since late September. A fakeout had occurred between 23-24 October, which looked like the price was set for greater downside movement. 

BTC/USD 60-minute chart

Price action has breached a near-term ascending channel structure/bearish flag via the 60-minute. 

Spot rate:                  9,335.60

Relative change:      -2.30%

High:                          9,938.63

Low:                           9,264.95

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.

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