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Daily Bitcoin and Crypto Analysis

October 21: Daily BTC Analysis

October 22, 2021

Matt Blom

As ETH steals today’s headlines, we look ahead to tomorrow, and the launch of the second futures based ETF this week.

Bitcoin is trading 1% lower on the day, with the usual pattern of a rotation in to large Alts beginning to be seen. We witnessed a flash crash on one US exchange, with prices trading down to $8,200, one has to feel sorry for any traders who exited at such levels, although I’m sure there are a few who were very surprised to see their bids filled! 

As ETH steals today’s headlines, we look ahead to tomorrow, and the launch of the second futures based ETF this week. ProShares has already amassed north of $550M, Valkyrie will be hoping for a similar performance. The net effect will likely push BTC back to its ATH, but with the news done, focus will quickly move to the weekend trading session, which will see a reduction of inflows, due to traditional finance being closed for the weekend.

On-chain, we are seeing little movement in exchange balances and inflow/outflows, and the miners are still behaving like hodlers. Until we see these metrics shift, its likely that Bitcoin will continue to consolidate above $60,000.

One metric that supports the calls for higher prices is the funding rate. We are currently sitting well below the highs seen earlier this year. 


The market may feel hot, but demand for leverage is still below levels that would cause concern, or worries that the rally cannot be sustained.

So far, so good. The next big test is the weekend!


Technical Analysis

30 Mins

A new ATH of $67,000 was seen on many exchanges. Bitcoin is in a rising channel with support at $62,550.

Support:      $62,550, $59,900, and $58,500   

Resistance: $64,850 and $70,000

Daily

Too much demand, not enough supply, bitcoin makes a new daily high. Institutional FOMO. A FIB 1.13% extension is towards $70,000.


Support:     $62,042 and $58,500     

Resistance: $70,000 and $87,000

MA:              50-day $50,328, 100-day $46,100, 200-day $45,224

RSI:              76.5% - bullish

MACD:         positive momentum - bullish


Weekly

The Bitcoin target is D on the chart, towards $88,000.


Support:      $54,735 and $48,125

Resistance: Fib extension Target $87,000 – $88,000

RSI:              67.6% - bullish

MACD:         positive momentum - bullish



Market Data


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