Bitcoin/USD Price Analysis Oct.24

[Nikko]

The range on Bitcoin has shrunk in the past three days. If the range expands on the upside, a rally to $6,831.99 is likely. A sustained move above the overhead resistance will invalidate the descending triangle and break the sequence of lower highs. Above $6,831.99, a rally to $7,400 is probable.   

Our bullish view in the short-term will be invalidated if the bears sink the price below $6,500. The BTC/USD pair will turn negative if it breaks below the critical support zone of $5,900–$6,075.04. Therefore, traders can keep their stop loss at $5,900 for the long positions.

We anticipate volatility to increase within the next few days. If the price breaks out to the upside, we shall trail the stop loss higher.

Cointelegraph