Technical Analysis for BTCUSD for 29th October 2021
Bitcoin Recovers from the 20-Day Moving Average, BTC/USDT Traders Expect a Retest of $66k
Past Performance of BTC
When writing, Bitcoin is rising from this week's lows—much to the relief of traders.
CryptoAltum price feed shows that BTC is outperforming the USD on the last trading day.
Based on the BTC technical analysis of the daily chart, steadying prices in early Asian sessions could be a precursor of a resurgence and solid performance in subsequent sessions.
Day-Ahead and What to Expect
BTC traders are bullish on the digital asset.
From the daily chart, BTC prices are rebounding from around the psychological $60k and the 20-day moving average.
It has been over four weeks since BTC prices closed below the middle BB.
Therefore, the rejection of lower low signal strength while further highlighting the significance of the dynamic support line.
In the short-term, BTC/USDT prices may race to $64k and later $66k in a buy trend resumption.
Bitcoin Technical Analysis
Bitcoin prices are snapping back to the primary trend.
Currently, aggressive traders can trade with the trend, finding opportunities on dips provided prices above the 20-day moving average and $60k.
Their immediate target stands at all-time highs at $66k.
Meanwhile, reversal of October 28 gains below $58k and this week's low may trigger a sell-off that may force BTC back to $50k.
Resistance level to watch: $66k
Support level to watch: $58k and $60k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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