After a strong rally, there comes a halting point. For BTC, this halt should be priced in at $63,000. The factors driving the BTC up have bee major institutional backing. From this point, will BTC make all time high or would it dive down to correct the whole move?

The structure denotes a bullish structure at the resistance. We are looking for shorts form this resistance. The problem is, market is in a solid bullish trend and taking a counter trend trade can be more risky than often. Our first target from this resistance would be the support. Also, we have to see the price action from this level. If bearish candles start to emerge, then its a high probability short.

The resistance trendline has been breached and market is due to retest it. If the market rejects this resistance, there is a high chance for the market to break back in, in the trendline channel, and continue moving down towards the support channel. 

There is no retracement on this current trade setup as there was no previous high which can be taken as a pivot point to draw the retracements. 

Both the EMA's are supper bullish and have a death cross. After breaking the EMA's, the market was unable to retest them. Therefore, a retest is still due. We can consider these EMA retests as profit targets/points. 

RSI is at 75 and CCI is at 284. These extended over bought levels need to be corrected. Hence, these oscillators indicate a further down bias towards the neutralized levels. 

BTC is in a parabolic move. We have to see what market does. Either it forms a new ATH or drops down drastically.

Lets see what BITCOIN does

Oct 17 2021

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