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Bitcoin Price Analysis: There Is A Prolonged Flat


The prolonged flat was dominated last week. The amplitude from a weekly high to a low was just over $ 200, which was very small for such a volatile tool as Bitcoin.

The weekly candles on the chart are even difficult to see - they are so small and inconspicuous against the background of past growth and the fall of this year.

At the same time, the weekly timeframe is still expected to realize the W figure with a target in the region of $ 11,000. The removal will be selected when the level of $ 5,700 is broken.

On the daily chart we can see that trading continues above the broken downward trend line, which is a good sign. Volumes fell to a minimum, their increase may push price to a sharp impulse growth, as it was on October 15.

All important levels are indicated by horizontal red dotted lines.

Now the closest resistance, after breaking through which should increase the volatility is at the level of $ 6632. Further, the level of $ 7300, after breaking through which will become apparent again the upward trend, etc. The important levels are $ 6200 and $ 5700.