RATE Group | Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout
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Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout

07 Oct Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout

Posted at 19:26h in Bitcoin News by

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Bitcoin spent its Sunday reclaiming its support near $6,500 after witnessing a false breakout action yesterday.

The BTC/USD, in reality, is stable like it was the previous week. The pair kicked off today by correcting lower from the last short-term upside and false breakout range as discussed in this analysis. It eventually formed lower lows towards 6525-fiat and reversed up to 25-pips in an upside correction action. The price behavior throughout yesterday and today once again confirmed the presence of trading bots on crypto exchanges. However, BTC/USD returned to its stable range and is once again retesting its previous support/resistance levels.

BTC/USD Technical Analysis

The latest price action has brought BTC/USD inside its current triangle pattern. We have adjusted the upper trendline to make it precise with the recent lower highs formed during the pullback action from 6741-peak. We are now seeing bulls finding a stable support level above 6500-fiat, and a clear upside…

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