As Bitcoin Price Consolidates, Litecoin Looks Ripe for Massive Gains

Bitcoin price (BTC) failed to ignite much interest as October closed.  There are approximately 194 days left until the next Bitcoin halving, which probably feels like an eternity away for those involved with the crypto space. 

This week there was also a surplus of negative news events like the Bitmex email leak and the Coinbase flash crash that caused mass liquidations on Deribit. So can we really expect Bitcoin price to do anything spectacular in the short term?   

Daily crypto market performance. Source: Coin360.com

BTC USD daily chart. Source: TradingView

Bitcoin price has been locked in a tight range around $9,100 – $9,400 for the last 5 days.  However, since the massive move 2 weeks ago, the Bollinger Bands (BB) indicator has opened up revealing quite a broad range of support and resistance.

The moving average shows $8,600 being the level of support that Bitcoin needs to hold before falling back in to the $7,000 range. However, it is a positive sign that Bitcoin is currently…