BTCUSD Weekly Outlook – October 21 , 2021

Last Updated on October 22, 2021

Bitcoin Price Forecast

Introduction

The Bullish run is about to explode as PocketOption investors position their assets for a long-awaited BTC price surge, which will serve as a catalyst for other crypto assets in the crypto and blockchain ecosystem at large. 

The El Salvador government has been buying the dip of the bitcoin and the recent surge has boosted their holding on the bitcoin investment. The decision made by the Central American country has helped revive their economy and finance.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - October 21 2021

Monthly Resistance Levels: 64854.00

Monthly Support Levels: 28805.00

The monthly chart has seen more of the Bull’s dominance and takes over as the market marks a great advancement in the mid-term of October. 

If the BTC continues in this momentum, we shall is the market establishing a new ATH before the month ends. A previous resistance was turned into support when the price closed above the 53000 levels with a stronger force. 

We may have to wait for the reaction of price around the ATH zones for a breakout or rejection before short position traders can have their shots, which will push down for a retest of the support level of 53000 zones.

Weekly Chart

BTCUSD weekly chart - October 21 2021

Weekly Resistance Levels: 64854.00

Weekly Support Levels:  39600.00 and 28805.00

 

The bitcoin price has covered about 92% of its distance from the bottom levels of accumulation (35000) towards the ATH, where it fell from earlier during the year. The bullish swing is likely going to create a new ATH once the price hits the zone of 64000 and above.

The recent events show that adoption is picking up pace among users and acceptance of the number one coin in the coin market. The government of El Salvador has been purchasing bitcoin as it dips while the citizens queue at the ATM for the coin in previous reports.

Daily Chart

Daily Resistance 64375.34

Daily Support 52780.00, 39600.00, and 37332.70

The morning star candlestick formation around the 40000 zones gave the sign of bull’s dominance in the marketplace. The price of BTC kept rising as Bitcoin brokers’ actions attracted more traders to open long positions which led to the successful breakout above the resistance zones of 53500.

However, the statement made by the US President, Joe Biden regarding the debt ceiling and a possible economic recession has made some investors shift into the BTC market as the US dollar is likely going into an economic turmoil.

Bullish Scenario:

A bullish scenario is on after the Bulls rejected the sharp drop from the support levels of 49200 on the daily chart. A close above 53000 gave into the bullish run and the next swing may hit the 65000 marks.

 Bearish Scenario:

On the daily chart, if the resistance zone of 64000 can hold the BTC price will reverse for the bearish position, traders to go short on the coin.

Bitcoin BTC News Events 

Q3 Report by Coingecko

During the Q3 report published by Coingecko research, they saw BTC had a better performance, and the crypto economy recovered from the market downturn it experienced in May. The report states that bitcoin ended Q3 2021 at $43860 with an increase of 25% before consolidating. 

In terms of the Hashrate report, bitcoin performance was better than traditional assets and indices. The mining crackdown in China has led to greater miner migration to other parts of the world and which leads to the recovery of Hashrate by a 54% increase in the Q3 report by Coingecko’s analysts.

Lastly, the recent news around the long-awaited approval of Bitcoin BTC ETF-Exchange Traded Fund also draws in more institutional money into the Bitcoin BTC ecosystem.

BTCUSD Conclusion and Projection

Bulls are holding on to their long position in anticipation of an outburst of the BTCUSD price in the coming weeks. Momentum is still bullish and bitcoin brokers are well-positioned for the next rally once the price closes above the April ’21 BTCUSD all-time high. 

 

A close above the weekly high of 65000 will open the roof for the price to rise higher.  

James is based in London ( United Kingdom )
He has been a professional trader for over 5 years.
Currently, he works as forex analyst for different investment companies, and also the main author at USBinaryOptions.com
James S. Martin
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