Bitcoin Remains in Uptrend, Is It a Bull Cycle?

 2021-10-21 09:15:00

Bitcoin broke the $64,000, and then $65,000 resistance and registered a new all-time high at $66,968. BTC is now trading above $65,800 and the 100 hourly simple moving average. 


It can be seen from the hourly chart that to keep the uptrend, Bitcoin needs to turn $66,000 as a strong support line. However, $64,000 is the current support line that there are still $2,000 points to achieve before the price goes further. Bitcoin is still slowly extending its increase above $66,000.

If BTC fails to clear the $66,500 resistance zone today, it could face a downside correction but not that much. It could trade above $65,000 still.

Technical indicators:

Hourly MACD – The MACD is now slowly gaining pace in the bullish zone.

Hourly RSI – The RSI is now above the 60-level.

Major Support Levels – $65,050, followed by $64,900.

Major Resistance Levels – $66,500, $66,800 and $67,000.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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