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Weekly Bitcoin Technical Analysis (October 18th, 2021)
History for the week (From 11-17th/Oct, 2021)
Opening price: $54,659, closing price: $61,528 => Spread is $6869, up about 12,6%).
Highest price: $62,933, lowest price $53,879 => Spread is $9054 (According to data from Binance exchange).
BTC/USDT weekly chart
Bitcoin price closed at $61,528 and it formed a weekly candle with the highest closing price. Thus, Bitcoin has confirmed a new bull cycle with a target price around $114k.
On the daily chart, the bulls are still giving the upper hand but It is likely to have a correction in the near future. Currently, we still have no clear signal on the price trend and we need to wait for the next 1-2 days to cleaner trend.