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Daily Bitcoin and Crypto Analysis

October 13: Daily BTC Analysis

October 14, 2021

Matt Blom

Bitcoin is consolidating above the $54,000 level, with the attempts of the bears being met with a wall of buying.

Bitcoin is consolidating above the $54,000 level, with the attempts of the bears being met with a wall of buying. Should we break back above this week's highs, and trade north of $58,000, then $60,000 is a hop, skip and a jump away. 

The increase in active entities seen since the start of October is an encouraging sign. Since this rally kicked off around the low $30,000 mark the lack of on-chain activity has been a source of concern. It seems the market has woken up, and "Uptober" has caught hearts and minds. 


We should still be reeling from the China clampdown on mining and crypto trading - but things move fast in crypto. The US is now the new home of hashrate.

The map below from the University of Cambridge shows the United states in pole position. It seems that regulation, with the stability it fosters, is the future Bitcoin needs. 

China who? 



While the bears fight to reinstill fear in to the market, exchange balances show that the holders are not concerned.  


With available supply sitting at a 3 year low, one has to wonder just how quickly an ETF driven liquidity crunch could impact the market. 

A break above $60,000 will be the kick-start the bulls are looking for. FOMO into year end, fuelled by a new ATH, is going to be a thing of beauty. 

Unless you're short, and being auto-liquidated. 


Technical Analysis

30 Mins

The upsloping channel is now a broadening wedge. Intraday volatility is no surprise as many traders, longs, and shorts, settle up here between $53,500 and $57,500. These are not great levels to go “long” by any means, better to patiently wait for pullbacks.

Support: $54,000 (channel), $52,800 (El Salvador high)  

Resistance: $57,500 (local high) and $61,200 (fib extension)

Daily

Bitcoin took a breather overnight and consolidated as ALT coins tried to halt their slide.

Any pullback towards the $52,800 support level or lower will be seen as good for the market. A deeper retrace towards $48,125 daily and 50-day MA support can’t be ruled out.


Support: $52,800 and $48,125     

Resistance: $57,500, $61,200 and $64,850

MA: 50-day $48,022, 100-day $43,780, 200-day $45,042

RSI: 62.5% - bullish

MACD: positive momentum - bullish


Weekly

A solid three weeks of rallying with potential to take a breather and consolidate. A close below $48,000 is required to reassess the bullish sentiment.


Support:$52,800 and $43,000

Resistance: $57,500, $61,200 and $64,850 ATH

RSI: 62% - bullish

MACD: positive momentum - bullish

 

Market Data

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