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Bitcoin Price Analysis Oct.23: a Temp Stability?

Bitcoin Price Analysis Oct.23: a Temp Stability?
Following our recent BTC price analysis , Bitcoin is still “boring.” Traders are not used to this kind of stability that carries almost no trading volume at all. For the long-term, a stable Bitcoin is good for the mass adoption. Less for day traders.
Now what?

The overall picture stays pretty much the same.
Bollinger bands are getting tighter and tighter. I won’t be surprised to see a quick move, up or down, in the next 24-48 hours.
Bitcoin is on top the $6400 support area, with little glitches to support at $6350. As of now, the three important moving average lines (200, 100 and 50 days MA) are above Bitcoin’s price.
Bitcoin is around significant resistance area $6420 – $6530: the three moving average lines from above, along with descending trend-line.
Support lies very close as well: $6350 – $6400, ascending trend-line around $6300.
Zooming out of the tight range, the next significant support lies at $6250 and after is $6100. The next major resistance area is located around $6670 and $6800.
The fact that there is no decision makes the last week’s trading very dull with not much action.
BitFinex has 32K open short  positions . This number has declined over the past days.
RSI levels are close to their low levels; Market is oversold as of now.
As a reminder: The market is still bearish. I would change my mind, if and only Bitcoin will create a higher-low and breaking above $6800.

BTC/USD BitStamp 4 Hours chart
Cryptocurrency charts  by TradingView. Technical analysis tools by  Coinigy .
The post Bitcoin Price Analysis Oct.23: a Temp Stability? appeared first on CryptoPotato .

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