Relevance up to 00:00 2021-10-17 UTC–4
After having reached the maximum of 58,462, BTC is likely to make a correction to 55,200. This level represents the bottom of the bullish channel formed on October 6. During the last 4 hours, candles have been showing a deceleration of the bullish force. At this moment it is bouncing above the SMA of 21, if it consolidates below this level, the key will be to wait for a rebound in the support of the channel for a new bullish wave .
This decline sets the stage for an upcoming move to the next psychological level at 60,000. Investors expect an attractive level to buy BTC again at a good discount.
The eagle indicator is showing a decline in the market volume. Investors are likely to try to take profits after the bull rally that is when BTC breaks the psychological level of 50,000.
BTC rally from a technical perspective came when it broke the 200 EMA on Oct 1. It could also be attributed to renewed enthusiasm around the approval of the BTC futures ETF. Some investors are viewing BTC and other cryptocurrencies as a hedge against inflation rather than gold.
The eagle indicator has reached a key support level. At this time of writing, it is observed that it has reached this line and it is expected that there will be a rebound of the oscillator and it may favor BTC, and it could continue with its bullish movement in the next few hours.
Our forecast remains bullish, as long as the price is located above the 21 SMA at 56,250. It is likely to continue its bullish movement, and could reach 7/8 of a murray located at 59,375. A breakout of this level could quickly rise to 8/8 murray around 62,500.
Support and Resistance Levels for October 15 – 16, 2021
Resistance (3) 60,081
Resistance (2) 59,375
Resistance (1) 58,300
Support (1) 56,519
Support (2) 54,738
Support (3) 53,125
A trading tip for GOLD for October 15 – 16, 2021
Buy above 56,250 (SMA 21) with take profit at 59,375 and 62,500 (8/8), stop loss below 55,200.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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