October 11: Daily BTC Analysis

Resistance seems to be a thing of the past, and all that stands between BTC and a $60,000 handle is one final hurdle: $58,850.

It’s worth remembering that Bitcoin has this amazing ability to feel incredibly bullish at the top, and frighteningly bearish at the lows. It could be that $60,000 is still further away than it feels.

I recently commented that short of making holding crypto illegal by the punishment of prison, I was not sure what else China could do to pour cold water on this rally.

I guess the next best thing is to make selling the crypto you have equal jail time.

Anyway, this just hit the wires.

I think I’ll keep my good ideas to myself from now on. Apologies.

Thankfully, China’s stance on Bitcoin FUD has been flagged, repeated, and repeated so often that the exodus of Chinese traders is no longer the systemic risk it once was.

And on the plus side, if you can’t sell it, but no-one can prove you own it, then holding on to it for the long term and avoiding breaking the law, seems like a win-win for everyone involved.

It would appear we are moving close to China FUD being on par with Dimon FUD.

Now, back to your screens and keep on staring at that $58,850 level.

Technical Analysis

30 Mins

New highs on this recent rally as Bitcoin prints $57,049 in Asia time, and we push towards the next target.   Note “higher highs and higher lows”  are visible in the upsloping channel, typically bullish. Raise trailing stops to protect capital.

Support: $52,900, and $51,075

Resistance: $57,500 and $61,200

Daily

Bitcoin price resumed its bullish sentiment, having tested and rejected the recent El Salvador high of $53,000. Old resistance now becomes support, as we now search out the $57,500 to $61,200 Target “take profit” zone.

Support:      $52,900 and $47,000     

Resistance: $57,500 and $61,200

MA:              50-day $47,725, 100-day $43,345, 200-day $45,034

RSI:              70% - bullish

MACD:         positive momentum - bullish

Weekly

A bullish engulfing candle printed on the weekly chart. Technically this implies continuation to the upside. The bitcoin price target is $87,000 – $88,000 as an A-B-C-D Harmonic plays out.  A close below $48,000 is required on the weekly chart to reassess the bullish tone. Oscillators: the RSI and the MACD are both bullish .Enjoy the ride.

Support:      $52,900 and $43,000

Resistance: $57,500 and $64,850 ATH

RSI:              64% - bullish

MACD:         positive momentum - bullish

Market Data