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Bitcoin Price Analysis Oct.29: Range has tighten up, a move soon?

Even since our recent Bitcoin price analysis three days ago, there is not much new: Very tight range around $6400, and volume at its lowest levels. This is very unanticipated when looking at the rushing stock markets. Even the futures’ expiration of CME didn’t cause any significant Bitcoin move.

  • Looking at Bollinger bands (marked in the chart in blue) – the range has become even tighter. This indicates on the coming-up move, as mentioned above.
  • Bitcoin is hovering around the $6400 area, hovering between the 50 and 100 days moving average. While the critical 200 days moving average is on top, close by (around $6450).
  • The descending line has been breached. However, with no volume, that’s why we don’t see any significant movement.
  • The next major support lies at $6250 and after is $6100. The next major resistance area is located around $6670 and $6800.
  • BitFinex has 31K BTC open short positions. Didn’t change since the last update.
  • Nothing is interesting regarding RSI levels.
  • As a reminder: The market is still bearish. I would change my mind, if and only Bitcoin will create a higher-low and breaking above $6800.

BTC/USD BitStamp 4 Hours chart

BTC Oct29

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

References

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