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Daily Bitcoin and Crypto Analysis

October 12: Daily BTC Analysis

October 13, 2021

Matt Blom

Bitcoin has spent most of the day defying gravity, unfortunately for the bulls, $57,000 failed to hold.

Bitcoin has spent most of the day defying gravity, unfortunately for the bulls, $57,000 failed to hold, as the wider Alt market suffered losses, and eventually weighed on Bitcoin sentiment.

Open interest across Bitcoin exchanges has hit a new 3 month high, as leveraged longs remain the driving force. This does set up the opportunity for another exodus and sharp move lower, should sentiment switch from bullish to short-term top. 

With options Open Interest showing the same demand, there is no question that Bitcoin is back in vogue after the summer lull. The rotation from Alt coins into Bitcoin has come to a halt today, and tomorrow will be telling.  


We are still seeing a reluctance from miners to sell into this rally.


The promise of a Bitcoin ETF can only support the market for so long. Bitcoin's out-performance has seen traders position themselves accordingly. This appears to have been completed, with the Bitcoin dominance rising to levels not seen since early August. 

The question is do we consolidate at these levels, or will the leveraged longs provide another dip buying opportunity? 

Technical Analysis

30 Mins

The upsloping channel which some see as a flag has been broken to the topside as Bitcoin dominance hits 46%. Better to wait for pullbacks and not FOMO in here. Bitcoin takes no prisoners as Alt coins suffer and perform poorly on pairs. Even ETH has headwinds, caught in a $3,350 to $3,650 range.


Support:      $52,900, and $51,075

Resistance: $57,500 and $61,200

Daily

Bitcoin made new highs on the run up overnight, printing $57,840. This is just inside our target “take profit “zone of $57,500 to $61,200. Respect the TA. No-one knows what happens next, but recommend putting in place sound trading strategies to protect profits and capital. i.e. trailing stops on long positions.


Support:      $52,900 and $47,000     

Resistance: $61,200 and $64,850

MA:              50-day $47,900, 100-day $43,574, 200-day $45,050

RSI:              70% - bullish

MACD:         positive momentum - bullish


Weekly

Cruise control on the weekly as oscillators are in the bullish control zone. The bitcoin price target is $87,000 – $88,000 as an A-B-C-D Harmonic plays out. A close below $48,000 on the weekly chart is required to change our positive view.


Support:      $52,900 and $43,000

Resistance: $61,200 and $64,850 ATH

RSI:              64.8% - bullish

MACD:         positive momentum - bullish

Market Data

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