Bitcoin Price Analysis: BTC/USD moving like clockwork within this pegged range

Bitcoin price was nursing minor losses of just 0.5%, through the mid-point of Tuesday’s session.
BTC/USD shows no sign of breaking from this almost 3-week range, $6350-6800.

Ken Chigbo Independent Analyst

The Bitcoin price was trading in the red by a marginal 0.5%, through the mid-point of Tuesday’s session. Range-bound theme further shows no signs of being broken. BTC/USD appearing to be the most stubborn of late.

BTC/USD since 20 September has swung between $6350 up to $6800 territory. A $500 range, which has been the case for going on 3 weeks now. It is still somewhat concerning that the current range block, could be perceived a large bearish flag formation, after the heavy early September drop.

Technically, the price remains firmly controlled by the supply above and demand below, as mentioned in current range. Should the bulls manage to really test the upper resistance, there could be a huge relief rally, taking the price back towards where it peaked before the drop on 5th September. BTC/USD could very quickly gain ground through the $7000 territory. On the other side, a breach of the $6300 area, could be catastrophic. This could see a quick fall and a retest of the huge psychological $6000-5800 bottom range.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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