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Daily Bitcoin and Crypto Analysis

October 28: Daily BTC Analysis

October 29, 2021

Matt Blom

Bitcoin is up 4% on the day, having bounced off support at $58,850. We will need to rally above $62,000 to set the lower bound of the trading range, and as much as a 4% gain sounds exciting, today has been a relatively subdued affair.

Exchange balance are the only data point of note to raise an eyebrow, registering a slight uptick.

Most notably, the inflows arrived at spot exchanges, which could be an indication that any attempt by the bulls to drive the market higher, will be short-lived.

Open interest has lost its momentum, the rush to own the new ETF has subsided, and with two new applications blocked by the SEC (one leveraged, the other a short BTC product), the buzz seems to have worn thin.

We now await the SEC’s decision on the upcoming spot ETF with increased interest. A ‘yes’ would re-ignite this rally, but until then, sideways is going to have to be good enough. 

Technical Analysis

 

30 Mins

The last 24 hrs has seen bitcoin test lower and bounce off $58,500. It looks like a bumpy road into Month end as traders settle up. Support and resistance levels are unchanged, with $60,000 pivotal.


Support:      $57,500 to $58,500 firm    

Resistance: $61,788 and $64,850 ATH

Daily

Bitcoin has tested a firm support in the $57,500 to $58,500 zone, for the first time. A better performance on the day sees a move higher back above $60,000. Bears need to muster up the energy to drive the bitcoin price lower and they require a daily close below $57,300 to trigger more stops to the downside. Oscillators are quite ordinary but keep a close eye on the MACD as momentum may

swing up.


Support:     $57,500 and $53,300      

Resistance: $61,788 and $64,850

MA:              50-day $51,851, 100-day $48,128, 200-day $45,293

RSI:              57% - neutral but turning back up slightly

MACD:         negative momentum - bearish

Weekly

Bitcoin price flirting with $60,000 which is shaping up as a crucial level to hold for continuation to the upside. If we see a close above $ 57,500, No hard no foul.


Support:      $60,000 and 54,700

Resistance: $64,850 and $87,000

RSI:              64% - bullish

MACD:         positive momentum - bullish

Market Data

 

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