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    Baxia Markets
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    October 06, 2021

    Bitcoin gains 26% in seven sessions.

    technical analysis top header -01

    The cryptocurrency has been on an uptrend for the last eight sessions; it managed to break through three resistance levels at our 38.2%, 50%, and 61.8% Fibonacci retracements. From a technical analysis point of view places the asset on a general uptrend.

    The next resistance we find is at $52,956, the previous high in more than five months, the pair is very close to entering an overbought status, and that could retrace the price a little bit in the short term.

     

    BTCUSD Oct 4th


    The Bollinger bands are wide, and we can expect high volatility; the price trades closer to the upper band, suggesting that it is relatively high, another reason why the price could retrace in the short term.

    The price left the Ichimoku cloud, and there is still some more room on the Relative strength index before reaching the overbought status, current RSI is at 64%.

    Our parabolic SAR indicator suggests that the price will continue its upward trend in the upcoming sessions, but we will have to wait and see if it can break the new resistance.


     

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