RATE Group | Bitcoin trading up but in a narrow range just below $6,400
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Bitcoin trading up but in a narrow range just below $6,400

11 Nov Bitcoin trading up but in a narrow range just below $6,400

Posted at 05:49h in Bitcoin News by

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CoinDesk analysis

Omkar Godpole posted an analysis on CoinDesk yesterday last updated on 12:43 on Friday. Godpole notes that Bitcoin’s (BTC) reversal of its recent uptrend in prices was gathering momentum and a drop into bearish territory below the $6,200 level was now a possibility as shown by technical charts.

Bitcoin found acceptance below the lower edge of the rising channel on Thursday. This invalidated the positive price action that happened earlier in the week. The rally from the low of $6,201 on October 31 has finished at the high on November 7 of $6,540.

As the article went to press on Friday BTC was trading at $6,350 after reaching a five-day low of $6, 335 just before press time after a sudden $100 dollar drop.

The negative follow through after yesterday’s bullish channel breakdown may show the bears are emboldened after the price went down 2.9 percent from weekly highs. This could lead to a breach of the October 11 trendline support low during the next few…

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