The price of bitcoin in recent days has fluctuated near the level of $6600 per one digital coin. At the moment, the pair BTCUSD is trading at the level of $6532 on Bitfinex.

In terms of graphical analysis, on the daily timeframe (D1), at the moment the BTCUSD chart is testing again the upper line of the «descending triangle», which we have discussed many times recently:

I want to point out that the chart of BTCUSD is slowly coming to the end of the triangle and, most likely, in the second half of October the triangle will end. At the moment, from the point of view of graphical analysis, I think that there is no even a slight signal showing in which direction, after the exit from the triangle, the chart of BTCUSD pair will go. Theoretically the BTCUSD pair is still in a downtrend, because there is a sequence of descending local peaks. I wrote about this on 10th of September. However, at the level of $5750, there is a solid support for the price of bitcion. This support line responds to the lower line of the «descending triangle», which, as I said above, we have discussed many times.

Therefore I think that neither a solid bull run will start in this month, nor a solid price drop will occur. Probably in this month the price of bitcoin will fluctuate within a range of $5750-$7400.

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