BTC/USD - Time for a break at under $60k before further push?

2021년 10월 12일

The altcoin market is red, the bond market in China is panicking (see my ETH idea below) and BTC is flirting with the 60k level.

Seems to me that we may do a quick stop around 60k and maybe even re-test our support at 52K if global markets get a scare due to China, before we continue on our ascent to the ATH.

The chart reflects some fear in the market, but BTC looks the strongest right now. Even so, there are some warning signs in the immediate period.

We have a bearish divergence on RSI on 4h timeframe and on daily the MACD is curving down. So good to be cautious and if you are looking to buy BTC, best to hold of for a few days as you may get a nicer entry around our support instead.

Any price around 52K is a buy in my eyes. If we get it, it won't last long before price pumps again. So bias is bearish short term, but longer term I expect us push much much higher before the end of the year.

Keep a close eye on BTC and also the US market open today, that may impact our charts as well if China fears extends to other markets.

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