The largest market cap holder of the cryptocurrency is Bitcoin, and it has started to rally. The tight range of 43,000 to 29,000 is almost being pierced. The influx of capital from institutions is causing the major rally prospects and we may see a continuation towards 50,000 and upward soon.

- Market structure: After much battle between bears and bulls, the bulls finally take control. BTC was in a tight range in an accumulation phase and kept on rolling back and forth. Right now, what we see is, BTC has broken the range of $42,000 upwards with force, and continuous bullish candles. As it is continuing going bullish, we have to wait for the retest at the support level of $42,000.

- Trendline: Earlier, the descending trendline was pierced and market continued to validate the breakout buy with candles opening and closing above it. The other trendline we have, is the ascending trendline which has been retested by BTC. If this trendline is pierced for breakout sells, then we would wait for the support level to be tested. The trendline breakout sells will only be activated once we break the support.

- Retracement: After the price leaves the range upwards, we will wait for the retracement to hop onto the long positions. The area of golden retracement is estimated around 38,000. This retracement is in confluence with the support level. Currently, market is testing this level on the daily timeframe.

- EMA's: Currently, EMA 50 is being tested after being broken out. The EMA 200 is still resting at the support level. If the EMA 200 is retested, we may see a bullish continuation.

- RSI/CCI: Both the oscillators are in a bearish region since the pullback took place after the impulse leg up. RSI is at 45 and CCI is at -100. There are two conditions in this scenario. Either the market falls into the over-sold region, where a forced pullback would be expected. Or, market continues to go up and break its neutralized levels.

Bitcoin is parabolic with it moves. Its advisable to trade it in spot positions rather than leveraged ones. We have entered the longs on the BTC.

Recall on BTC longs

Sep 25 2021

Take Profit +41.36%

Holding time 16d12hr

41437.50

Entry price

58574.08

Take profit price

2