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Daily Bitcoin and Crypto Analysis

October 27: Daily BTC Analysis

October 28, 2021

Matt Blom

Bitcoin is down 2% on the day, and trading back below $60,000. We continue to see dip buying in BTC, along with the major Alts. Bitcoin is entering a consolidation phase, which could see the range reach as low as $53,000

The gain in long-term holders is probably the most visual chart of this bull run, with over 3m coins being added to wallets that love to hold. The ATH saw this trend stop, but with a net decline of only 1%, it shows although profit-taking occurred, the majority of dip-buyers are holding on.

It’s now been a week since the much-touted Bitcoin ETF hit the market. The initial inflow has stalled, and with it, prices have lost the momentum that blasted us up through $60,000. Volumes on futures contracts have halved and have now returned to the average levels witnessed pre-ETF. 

These consolidation periods are healthy, allowing the market to settle, and profits to be taken, presenting an opportunity for entry for those who missed the early move in October, caused by front-running of the ETF decision.

The market is still wary of large retracements, especially post a new ATH. With Mt Gox headlines hitting more of the crypto press, some sideways trading is the most likely outcome into the weekend.

Technical Analysis

 

30 Mins

Bitcoin has broken to the downside with the collapse happening as $61,788 support gave way. A closer look at the intraday market revealed that many Alts performed well earlier in the day, as money came out of bitcoin. Alts turned and started to sell off in Asian time.


Support:      $57,500 and $53,300    

Resistance: $60,000 and $61,788

Daily

Bitcoin printed a bearish engulfing candle - a complete reversal of yesterday’s move. $60,000 held on the close, but it is currently trading lower with a continuation to the downside. The price is now trying to test $57,500 as support for the first time. For the bears, a close below $57,300 may really see further downside, and a potential head and shoulders pattern formed. Let’s find out if the support is real.


Support:     $57,500 and $53,300      

Resistance: $61,788 and $64,850

MA:              50-day $51,569, 100-day $47,825, 200-day $45,292

RSI:              53% - neutral

MACD:         negative momentum - bearish

Weekly

Trading back below $60,000, but need to see the weekly close to get a gauge on the longer timeframe.


Support:     $60,000 and 54,700

Resistance: $64,850 and $87,000

RSI:              63% - bullish

MACD:        positive momentum - bullish

Market Data

 


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