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Bitcoin goes out of range no earlier than November - technical analyst

Touching a maximum of $ 13,764 on June 26, Bitcoin switched to range trading inside the top-down wedge. Initially, the movements of the token were volatile, but recently, the amplitude of the oscillations has significantly narrowed. Over the past 22 days, BTC has not gone beyond the 10% channel of $ 7800- $ 8700.


Touching a maximum of $ 13,764 on June 26, Bitcoin switched to range trading inside the top-down wedge. Initially, the movements of the token were volatile, but recently, the amplitude of the oscillations has significantly narrowed. Over the past 22 days, BTC has not gone beyond the 10% channel of $ 7800- $ 8700.

It seems that BTC will remain in the range until the end of October, after which it will make a bullish breakthrough. Strong support takes place around $ 7,000, where the price can grope the bottom.

Trading within the range is also called consolidation, which is characteristic of Bitcoin, especially after sharp ups or downs.

Trader and technical analyst @cryptomichnl points to a downward wedge within which the price is currently located.

According to the analyst, after consolidation until the end of October, the price will make an upward breakthrough. @cryptomichNL believes that after the breakthrough, the token will break the resistance near $ 9300.

 

Also, the prospect of an upward break in November was discussed here.

 

Let's evaluate the dynamics of bitcoin in order to identify the key signals that indicators give.

 

Wave analysis

After reaching the aforementioned high of $ 13,764, Bitcoin plunged into a protracted correction.

 

The movements are similar to the wave correction 3-3-5, which was realized through the waves A-B-C (part of the correction 3-3) and now completes the last downward movement in the form of the fifth wave.

Judging by the charts, BTC will form a bottom near $ 7000, in the area of minor support, which coincides with the downward support line. Then the token is likely to make a bullish breakthrough.

 

If this scenario is realized, then the nearest resistance Bitcoin will meet in the region of $ 9500.

Moreover, if a breakthrough occurs in November, the resistance area will most likely coincide with the 100-day moving average (white line).

 

This is explained by a downward slope of the moving average, which by this time may reach the resistance zone.

 

Thus, we agree with the assumption of @cryptomichNL that Bitcoin will be consolidated before the end of October.

 

The price may form a lowering minimum at $ 7,000 before it makes a bullish break and reaches the above resistance levels.

 

Do you think Bitcoin will make a bullish breakthrough in November? If not in November, then when? Share your opinion in the comments.

Disclaimer: This article is not a trading recommendation and should not be construed as such. Always consult with qualified finance professionals before investing in cryptocurrencies, as this market is characterized by increased volatility.

 

 

Images courtesy of Shutterstock, TradingView.


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