Bitcoin price analysis – Narrowing ranges, moment of reckoning is here

• BTC on verge of breaking out of the range.

• Upside breakout more likely than the downside.

Bitcoin, the defacto King of cryptocurrencies, is on the verge of breaking out of its month old ranged trading which has been trapped between $6,000 on the downside and $7,000 on the upside.

 

BTC/USD is down 0.25 percent on day at $6,569 and is stuck in less than 1 percent range for the day – speaking enough of the shrinking volatility and low weekend volumes. On the 360-minute chart, Bitcoin has been trading in a range which has now narrowed down to the point where it can only break out or down.

 

Chances of BTC breaking out on the upside are higher than otherwise, given the earlier trend before it fell into this range.

BTC/USD 360-minute chart:

 

 

Manoj B Rawal

FXStreet

Alan Zibluk Markethive Founding Member