Technical Analysis for BTCUSD for 21st October 2021
Bitcoin Springs 12% for a New All-Time High, BTC Traders Angling for $100k
Past Performance of BTC
The uptrend remains, and buyers are upbeat.The BTC/USDT pair, as CryptoAltum price feeds reveal, is trading at new all-time highs, steady on the last trading day but up 12 percent week-to-date.
What to Expect of BTC
As per the Bitcoin candlestick arrangement in the daily chart, the path of least resistance appears to be upwards and the primary trajectory defined.
In a bullish breakout above a critical resistance level at $64k, every low may offer entries for traders even as Bitcoin trends in new territories.
Provided BTC prices are above $64k, most analysts' prediction of the coin reaching six figures by the end of the year may be realized.
Bitcoin Technical Analysis
The BTC/USDT price is within a bullish breakout pattern changing hands above $65k when writing.
The upswing above $64k has high trading volumes, and bull bars are banding along the upper BB. This suggests demand and increased momentum.
Accordingly, traders may search for entries, targeting $106k, a critical Fibonacci extension level of the 2017-2021 trade range.
Support level to watch: $64k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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