BTC/USD Bulls Eyeing 56379 Upside Target: Sally Ho’s Technical Analysis 8 October 2021 BTC

Bitcoin (BTC/USD) continued to trade very technically early in the North American session as traders have focused on key technical levels following recent price activity around the 49795 and 50089 levels, representing the 76.4% and 78.6% retracement levels of the depreciating range from 52944.96 to 39600.  The 51109.18 area represents the 61.8% retracement of the depreciating range from 64899 to 28800.  Technical buying recently emerged around the 100-hour simple moving average, lifting BTC/USD from around the 46916.70 area and providing enough upside momentum to challenge the 50000 figure and trade as high as the 50380.38 level.  This upward buying pressure also represented a test of the 46849.50 level, representing the 50% retracement of the broader depreciating range from 64899 to 28800. 

Additional upside retracement levels in this depreciating range include the 51109.18, 56379.64, and 57173.81 levels.  Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 47657, 46118, 44873, and 43629 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 46217.78 and the 50-bar MA (Hourly) at 48777.58.

Technical Support is expected around 39600/ 37401.27/ 34881.40 with Stops expected below.

Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.                                                                                                                                               

Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.