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Daily Bitcoin and Crypto Analysis

October 15: Daily BTC Analysis

October 17, 2021

Matt Blom

Bitcoin is fast approaching the market cap of Silver.

Bitcoin is up 7% on the day, back above $60,000 and is heading for its ATH of $64,899. Today’s options expiry was cast to the shadows, after the SEC approved the first Bitcoin ETF. The euphoria has taken BTC higher, but, and yes there is a but, I can’t help but feel the SEC will still block Bitcoin ETF based on physical Bitcoins. As great as it is to finally have this asset classed recognized, the supply squeeze we all really want to see is still, just out of reach.

For now, we will just have to settle for billions of dollars of inflows into exchange listed Bitcoins. Watching the open interest across exchanges will, from sometime next week, be the first stop as I review the days data points. I am also expecting to see the miners start to reduce positions into the strength – so that will be the 2nd chart I view each day.

But enough of me never being happy. Today is a good day.

Bitcoin is fast approaching the market cap of Silver.

At this pace, it could move into second position by this time next week. Should the rally really find legs, then at around $125,000 BTC, Satoshi will be the wealthiest person on the planet. (Should he be walking among us.) You’ll probably hear some overzealous Tweets calling for a flippening with Gold, but there is still someway to go before Bitcoin trades at $620,000, so ignore those – for now.

If the SEC approve a physical ETF, then this rally will become parabolic, if they push back, we will just have to settle for amazing, awesome, life-changing, righteous, glorious, and wonderful – and suffer a Gensler rise.

Have a great weekend!

Technical Analysis


30 Mins

Bitcoin surged over $2,500 in Asian time on the back of a Bloomberg report saying the U.S. SEC is said to be allowing the first Bitcoin futures ETF. The price touched $60,000 briefly, although pulling back towards $59,000 at the time of writing. The broadening ascending wedge we identified earlier this week is still in play and working for day traders.

Support:      $54,550 and $52,800   

Resistance:  $61,250 and $64,850


Bitcoin has cleared a strong resistance zone from Feb and May 2021 between $57,500 to $58,500. The next few days are crucial to see if today’s move is sustainable or just driven off headlines. It takes genuine long-term Institutional and retail investors, not leveraged speculators to maintain a steady path. The next overhead resistance target is $61,250 (.886% retrace). Note: the RSI is above 70% therefore starting to get into overbought territory, proceed with caution.

Support:      $52,800 and $48,125     

Resistance:  $61,250 and $64,850

MA:              50-day $48,490, 100-day $44,291, 200-day $45,071

RSI:              72% - bullish

MACD:         positive momentum – bullish but waning


All Good in the Hood. The RSI and MACD oscillators are in the bullish control zone.

Support:      $52,800 and $48,125

Resistance: $64,850 ATH

RSI:              65% - bullish

MACD:         positive momentum building - bullish

Market Data

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