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Daily Bitcoin and Crypto Analysis

October 14: Daily BTC Analysis

October 15, 2021

Matt Blom

Bitcoin's momentum failed to push prices through resistance at $58,800 today, with prices heading south whilst the Alt coin market played catch-up.

These rotations are becoming commonplace, with profit from BTC being rolled into a broader range of coins. 

As we head into tomorrow's large option expiry, the market has a few choices to make: namely, who should it reward? 

The option expiry could interfere with prices gains over the next 24 hours. A move past $58,000 will see the bulls walk away with a cool $350M in profits, something that is probably unlikely to play out so easily. 

The weekend trading session is once again shaping up to be the main event this week. 

Regardless of the outcome, the bulls will be feeling very confident. We have highlighted the exodus of Bitcoin from exchanges many times this year: Now the focus moves to the liquid supply of coins moving on-chain, outside of exchanges. 

It would appear that hodling is increasing, and as prices rise, the effect becomes self-fulfilling. Should this trend continue, the liquid supply of Bitcoin will add fuel to the fire, and a run at the ATH will be all but guaranteed. 

Surely it must be time for some more FUD? 

Technical Analysis

 

30 Mins

Luke Skywalker vs Darth Vader in that epic battle, good vs evil, light side vs dark side,

taking place, right here, right now between $57,500 and $58,500. Day traders favour trading the range inside this ascending wedge.


Support:      $54,400 (bottom of wedge), $52,800 (El Salvador high)  

Resistance: $57,500 - $58,500 (Target 1 sell zone) and $61,200 (fib extension Target 2)

Daily

A battle in the profit-taking zone $57,500 - $58,500, as bulls and bears fight it out. Initial target now met at the 78.6% Fibonacci retrace of the move from $64,850 ATH to $28,735, swing low. Let’s see if there is enough juice in the tank to test higher. Note: Alts have held some major supports in the last 24hrs, with ETH leading the charge higher. Perhaps some good news for Alts, many of which have seen huge draw-downs of late.


Support:      $52,800 and $48,125     

Resistance: $57,500 - $58,500 , 61,200 and $64,850

MA:              50-day $48,247, 100-day $44,039, 200-day $45,064

RSI:              68.5% - bullish

MACD:         positive momentum - bullish



Weekly

Bitcoin is putting in a strong performance on the weekly chart as the RSI and MACD oscillators remain in the bullish control zone. Bulls want to see a new ATH above $65,000, and then a push towards $87,000. Bears favour a collapse back below $50,000.


Support:      $52,800 and $48,125

Resistance: $64,850 ATH

RSI:              63% - bullish

MACD:         positive momentum building - bullish

Market Data

 

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