Weekly Bitcoin Technical Analysis (October 4th, 2021)
Weekly Bitcoin Technical Analysis (October 4th, 2021)
History for the week (From 27th/Sep-4th/Oct, 2021)
Opening price: $43,160, closing price: $48,200 => Spread is $4081, up about 11,7%).
Highest price: $49,228, lowest price $40,753 => Spread is $8475 (According to data from Binance exchange).
Technical Analysis
BTC/USDT weekly chart
On weekly chart,Bitcoin price formed a bullish engulfing candle. The price needs to close above the resistance at $51,765 to give us a clearer new bull cycle.
BTC/USDT daily chart
As the chart above, we have 2 support levels at 46,7k, 44,6k and resistance zone (48,4k). There will be 2 cases of Bitcoin price prediction:
- Bitcoins price will be stuck between a tight range of 46,7k to 48,4k in the next few days before breaking the upper boundary at 48,4k then challenge the stiff resistance at 52,7k.
- Conversely, if the price turns down and breaks below the resistance level at 46,7k, it could drop to $44,6k.
Goodluck.