RATE Group | Bitcoin direction uncertain as it trades near $6,700 level
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Bitcoin direction uncertain as it trades near $6,700 level

29 Sep Bitcoin direction uncertain as it trades near $6,700 level

Posted at 03:02h in Bitcoin News by

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CoinDesk analysis

A technical analysis of Bitcoin’s (BTC) price movements was released by Omkar Godpole at 11:21 UTC today on CoinDesAk.

Earlier analyses had indicated that Bitcoin was likely to break out of a period of low volatility through a sharp break up or down. Many thought that given the technical signals the direction could be down, However yesterday the price went up fairly high as indicated in a recent Digital Journal article.

Godpole notes that Bitcoin just missed a breakout as prices backed down from a six-day high of $6,826 today. BTC has consistently defended the $6,000 level over the last three months. This has convinced many investors including billionaire Novogratz that Bitcoin bottomed out around that level, the February low.

However, a bullish breakout is not yet confirmed. Their needs to be acceptance above the top edge of the three-month narrowing price range, presently located at $6,870. So far the price has yet to break through that level let alone…

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