Bitcoin (BTC) Price Analysis – Broken Above Major Resistance

6:54 am, Wed, 6 October 21

Current Bitcoin Data

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Volume (24h)
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $51,500 mark and is looking quite bullish in the immediate short term. As discussed in our previous analysis, BTC was facing a major trendlines resistance on the 1-Day timeframe, which it seems to have broken above. If the price stays above this level, we could see an excellent run for BTC and Alts in the coming weeks.

Bitcoin (BTC) Price Analysis 2021-October-06

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Analyzing the Charts

If we take a look at the daily chart, we can observe that Bitcoin has not only broken above this trendline resistance, but it has also broken above a significant Fibonacci level.

Bitcoin Price Analysis 2021-October-06

The 0.786 level is also a major Fibonacci number, and breaking above it along with the trendlines resistance is extremely bullish for Bitcoin.

We can also see on the 4-hr charts that BTC has closed multiple candles above the trendline resistance. Closing multiple candles above this level means that we are likely to stay above this level now.

Bitcoin Price Analysis 2021-October-06

However, it is crucial that we close today’s daily candle above this region to confirm that this is a legit breakout and not a fake-out.

The current resistance Bitcoin is facing is at the $51,900 mark, and once we get above it, we could be heading towards the $53,700 level.

Bitcoin (BTC) Price Analysis 2021-October-06

Conclusion: Final Verdict on Bitcoin (BTC)?

Bitcoin is looking quite bullish at the moment, and we can expect another breakout after some sideways consolidation. As long as BTC is trading above $51,100, we are extremely bullish on it and would be eyeing higher targets around the $53,800 region.

However, if we lose this level, we will wait for Bitcoin to retest the $50,000 mark and will trade accordingly in the short term.

Bitcoin Price Analysis 2021-October-06

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