BTC/USD technical analysis: Bitcoin needs to break out of this range
- Bitcoin is struggling to break out of the rance between 10,953.00 and 9,319.10.
- There is the potential of an upside breakout but the 10,365.20 resistance is first.
On the four hour chart below, the BTC/USD price is showing that it is stuck between some tight ranges.
This is obviously pretty peculiar for Bitcoin which is usually volatile. Even worse over the past few days, we have been stuck in a USD 458 range.
The main value area point on the volume profile indicator is at 10,365.20. If price breaks higher and holds above there it would be a great indication that we could move to the top side of the range.
On the lower part of the chart, I have highlighted the main areas were volume as kicked in. There has been a big dry up in volumes since the last spike on September 16th and if we look closely the higher spikes have been on the sell-side.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
