To date, bitcoin (BTC) has been trading in a very narrow range, as in the past few weeks, mostly. The leading crypto currency fell a while ago, but it is still trading over a few hundred dollars above the $ 6,000 level.
Possibilities for Bitcoin (BTC) price, according to CoinDesk Analyst Omkar Godbole
Yesterday, CoinDesk Analyst Omkar Godbole claimed a series of support levels for Bitcoin. That means bears and bulls will face a war. According to Omkar Godbole, the latest Support shows that the trend line linking November 2011 and August 2016 is currently $ 5.830. He adds that the trend line, which was around $ 5,300 last month, is close to its current price and can rise above $ 6,300 in December.
According to analyst, the monthly chart will tighten the notion of a break below $ 5.830 trendline support and allow a $ 5,000 psychological level to fall. If there is a strong jump from support level, the Bulls will emerge.
The analyst’s advice to investors
According to analyst, in the next 24 hours, investors should follow the symmetrical triangle outlined in the daily chart. The upper edge of the Triangle is now at $ 6,400. According to Omkar Godbole, a break beyond this level controls the Bulls and leads up to $ 6,756 on October 15. Analyst adds::
The seven-year trend line is the new level to be eaten for bears. If confirmed, a symmetrical triangle break can be tested again on October 15 over $ 6,750. In addition, a downtrend will reveal us $ 6.055 on October 11th.
Current situation of Bitcoin price
Bitcoin today opened for $ 6,368. The highest level was $ 6.370, while the lowest level was $ 6.321. So far, the price has not broken above $ 6,400 and gave the Bulls some hope. However, there is no good news for the Bulls. There seems to be another low volatility medium with no apparent direction for trading. During the spelling, the leading crypto currency is changing hands for $ 6,373.