After updating the historical maximum, the Bitcoin (BTC) price rolled back to the $64,895 level yesterday and tried to stay above it in the first half of the day. However, in the afternoon, the volume of purchases decreased and sellers began to dominate the market. The bears managed to push through the support of the 100% Fibonacci level and roll back the price below $63,000. At the end of the day, the pair tested the level of $61,850, after which the decline stopped.

On the daily time frame, the Stoch RSI indicator lines left the overbought zone for the first time this month, indicating a possible continuation of the decline. If bearish pressure intensifies, then the pair may retrace below the psychological level of $60,000 and test the support of $58,000. Last night, the BTC price was in a sideways consolidation, and in the morning, the pair recovered to the level of $63,000. If today the whales try to resume the bull run, then there is some possibility that the pair can return to the zone of the absolute maximum.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Bitcoin price has recently dipped below $60,000 as the leading cryptocurrency tested the 100 four-hour Exponential Moving Average (EMA) as support. Currently, BTC is testing the reliability of the 50 four-hour EMA as a foothold before it can resume its rally.

The bulls are desperate for Bitcoin price to resume its uptrend after it fell below the lower boundary of the ascending parallel channel. Now, BTC must stay above the 50 four-hour EMA at $62,419 for the bellwether cryptocurrency to have a chance to climb higher. The next target for BTC is at the 50% Fibonacci retracement level at $63,269, then at the 61.8% Fibonacci retracement level at $64,154. Additional headwinds may appear at the downside trend line of the parallel channel at $64,822 before additional directional intentions are revealed.

The first line of defense for Bitcoin price is at the 50 four-hour EMA, then at the 38.2% Fibonacci retracement level at $62,283. Additional support may emerge at the 21 four-hour EMA at $61,454.

BITCOIN Standing Below 100% Fibb

Oct 26 2021