Ken Chigbo
Independent Analyst
- Bitcoin price is trading in the negative territory, down some 2.30% in the second half of the session.
- BTC/USD smashed out of a narrowing range block between 25-27 October, leaving the door open to further upside momentum.
- A retest of the above-noted range block is on the cards, as the momentum to the upside cools.
BTC/USD daily chart
BTC/USD is edging back down towards a daily retest of the breached range that had been containing the price since late September. A fakeout had occurred between 23-24 October, which looked like the price was set for greater downside movement.
BTC/USD 60-minute chart
Price action has breached a near-term ascending channel structure/bearish flag via the 60-minute.
Spot rate: 9,335.60
Relative change: -2.30%
High: 9,938.63
Low: 9,264.95
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