Bitcoin recovers and closes a failed swing floor

Veröffentlicht: 01. Oktober 2021, 14:38 Uhr

Von: Krypto News Österreich

recovered today and broke through the $ 45,050 brand, which was marked by the high of September 24th, and completed a complex swing bottom formation. In our view, today's increase has turned the short -term prospects back into the positive.

We believe that the bulls could soon challenge the area of $ 48,415, which is marked by the highest stands of September 15 and 16, but they could then decide to take a break. This could lead to a setback, but we assume that it will remain limited over $ 45,050.

The bulls could take the lead again and this time the campaign drove over $ 48,415, a movement that could pave the way towards the 50,840 USD zone, which is defined as resistance by the Inside Swing low of September 6th.

When we look at our short-term oscillators, we see that the RSI climbed north and moved over its 70 mark, while the MacD runs above its zero and trigger line and pointing upwards. Both indicators recognize high upward moment and confirm our assessment for further progress in this cryptocurrency.

In order to give up the bullish case, we would like to see a decline below $ 44,040, which is highly marked by yesterday. This can signal the return of the crypto within the consolidation area and turn the outlook on neutral. We could get through some declines up to the low of Tuesday of $ 40,755, the breakthrough of which could reach the hurdle of USD 39,415, which is defined as support by the low of September 2nd.

Technical analysis of the Bitcoin BTC/USD 4-hour charts

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