Bitcoin (BTC) – Bulls seems gathering momentum

Bitcoin (BTC) – Bulls seems gathering momentum

Posted on Thursday, October 28 2021 at 8:50 pm GMT+0000

Bitcoin (BTC) – long-term analysis

Bitcoin (BTC) is starting to recover from the lows hit on Wednesday, and now it’s hovering around the middle band of the Bollinger indicator on the Daily chart. Now, buyers are gathering momentum to attempt another bull run and break above the highs set around $66,664. That said, doors will open towards new all-time highs that allow BTC strengthens further towards $72,000 in the first degree.

However, a deeper retracement cannot be discarded at this stage as the cryptocurrency could allow itself another leg lower that could go towards the Fibonacci retracement level of 50% at $53,118, which coincides with the lower band of the Bollinger indicator.

Still, it won’t invalidate the overall bullish picture, and on the contrary, buyers could re-appear on the scene to buy the dips again, as El Salvador President recently did.

If the Fibonacci retracement level of 61.8% gives up again in favor of the sellers, another decline is expected towards $45,370, which is the 78.6% Fibo retracement zone. The Momentum indicator is slightly pointing upwards, although it’s a weaker signal so far.