Bitcoin analysis for today is carried out on a 4 hour timeframe, showing price action from June 18 to current date.
The spike in the price of Bitcoin from ~$6,251.90 to $7,788.00 has been followed by a retracement in price action with a new low of $6,242.10 registered on October 31, 2018.
Lack of bullish momentum resulting in the resumption of an uptrend implies that price action is back to a ranging environment or market. The sideways price action from August 14, 2018 to date is captured in this Bitcoin analysis using a price channel.
The width of the channel is therefore highly valuable in determining a minimum projection for the price of Bitcoin on an eventual breakout….bullish or bearish.
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