Bitcoin price will move in a range through October: trader claims

Bitcoin price range trading tends to take place when the value of an asset continuously trades between a high and a low price.

These highs and lows act as resistance and support, respectively. The pattern that occurs most commonly is formed when the price trades in the range is the horizontal channel. In order to move the price outside of this trading range, it is required to build momentum.

The value of an asset when rise above the range’s resistance, there occurs a breakout. Whereas, a breakdown takes place when the opposite happens.

Mostly, breakdown/breakout’s strength is correlated positively with the time period the value traded inside that range.

Bitcoin price movement: What to expect?

According to trader @CryptoMichNL, till the end of this month, trading inside a range in the absence of significant volatility will go on, before finally breaking towards over ten-thousand dollars ($10,000).

A few thoughts on the chart and in the tweet on $BTC.

✅ 100-Week MA is holding significantly.

But,

▫️ Daily MA’s acting as resistance + OB here still being resistance.
▫️ Downtrend in general still some time away.

A little more accumulation here, in my opinion. pic.twitter.com/lWe3KjYkF0

— Michaël van de Poppe (@CryptoMichNL) October 9, 2019

The trader also highlighted a descending wedge and numerous areas of support and resistance.

While projecting the price movement of the future, he is supposing that the trading will take place inside the descending wedge for the rest of October, before eventually breaking out next month.

For almost one-hundred and eight days, the price of Bitcoin has been changing hands inside this descending wedge.

Bitcoin price chart by Trading View

It is worth noting that the present wave count s something that should be observed. It is believed that after finishing a correction of 3-3-5, the price would likely break out from this wedge.

It seems that presently the other  five-wave correction is finishing