Bitcoin (BTC) Price Analysis – Analyzing the Larger Timeframes

6:53 am, Thu, 28 October 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $59,000 mark and has been going sideways for the past several hours. As mentioned in our previous analysis BTC has broken below a crucial support at $60,000 and is now showing bearish momentum. Right now, further correction is likely for Bitcoin as and we could drop to $56,000 or $54,000 in the coming days.  

Bitcoin (BTC) Price Analysis 2021 October 28

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Analyzing the Charts

If we take a look at the larger timeframes, we can see that the trend is shifting a little bit and the momentum is currently bearish. On the weekly charts, we can see that the last candle we closed was a bearish pin bar candle which usually indicates a reversal.

Bitcoin Price Analysis 2021 October 28

Bearish candle on weekly timeframe means that we can see a proper correction for Bitcoin before we see it make another leg up.

Similarly, on the daily timeframe, we have put a lower high and are now trading with a downward channel.

BTC Price Analysis 2021 October 28

On the Fibonacci indicator, we can see that the next level for Bitcoin is the 0.382 level which is around the $56,000 mark. We will have to wait and see if BTC holds this level strongly, otherwise, we can expect a correction towards the 0.5 level of Fibonacci.

Bitcoin (BTC) Price Analysis 2021 October 28

Conclusion: What is Next for Bitcoin (BTC)?

We have seen a nice uptrend for Bitcoin in the past few weeks as the price has moved only in one direction. Right now, Bitcoin is going through a much-needed correction and we can expect it to retest some lower levels before it makes another move towards the upside. We are still eyeing the $70,000 mark for Bitcoin and can expect it to reach there in the coming weeks. Bitcoin is still trading way above the bull market support band which is always a good indicator.

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