Bitcoin Long-term AnalysisPosted on Thursday, October 14 2021 at 9:08 pm GMT+0000
Bulls retain control
Bulls are unstoppable in Bitcoin (BTC), and the long-term structure remains untouched in favor of the optimistic scenario that points toward all-time highs. The bullish trend line keeps providing the line in the sand that BTC bulls have been looking for, and it helped to crack the critical resistances on the road, according to what we’ve been witnessing in the daily chart.
As Bitcoin hovers around the $57,000 neighborhood, the ground is ready for the cryptocurrency to crack above $59,187, a critical resistance that helped cap gains between March and May this year. However, with the TD Sequential indicator giving a bullish signal, such an upwards move is likely to happen, and eventually, BTC could pick up steam and rally towards $63,979.
However, the bearish risk is still alive in case that BTC plummets below $53,089, another critical support formed during the confluence of the price action around the highs of September and the rangebound established between March and May. If bears pierce that level, eyes will be on the bullish trend line, opening the doors for the crypto to test the $45,030 zone.
Still, MACD remains flashing a bullish signal in the daily timeframe. However, it’s starting to show weakness in the current stage. No bearish MA crossover within the indicator has happened yet, implying that there is still room for going north.