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Weekly Bitcoin Technical Analysis (October 11th, 2021)
research.stc.capital

Weekly Bitcoin Technical Analysis (October 11th, 2021)

Bentley
Oct 11, 2021
Share this post
Weekly Bitcoin Technical Analysis (October 11th, 2021)
research.stc.capital

History for the week (From 4th-10th/Oct, 2021)

Opening price: $48,200, closing price: $54,659 => Spread is $6459, up about 13,4%).

Highest price: $56,561, lowest price $46,891 => Spread is $9670 (According to data from Binance exchange).

Technical Analysis

BTC/USDT weekly chart

BTC/USDT weekly chart — Tradingview

As reported last week, the Bitcoin price has formed an uptrend line. The bulls pushed the price above the breakout level at $51,765.

BTC/USDT weekly chart on 4/10/2021 — Tradingview

MACD rises above the signal line and it’s moving away from the signal line , the indicator gives a bullish signal

Combining the price trendline and the indicator such as MACD, we can confirm that Bitcoin is entering a long-term bull cycle.

BTC/USDT 4H chart

BTC/USDT 4H chart — Tradingview

For the 4h chart, Bitcoin price is moving in a narrow range with the price range from $53.4k to $56.4k.

For the indicator, the MACD gives us a signal that the bears are not likely active. Therefore, we expect that Bitcoin price will break the resistance area at $56.4k and the BTC/USDT pair may rally to $59k. Above this level, a retest of the all-time high at $63.6k is possible.

Goodluck

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Weekly Bitcoin Technical Analysis (October 11th, 2021)
research.stc.capital
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