BTCUSD Weekly Outlook – October 7 , 2021

Last Updated on October 7, 2021

BTC Price Forecast


The world has accepted the fact that crypto assets and blockchain are not a fad nor a novelty. The financial future of the world is moving towards a decentralized system. RaceOption investors are moving in that direction also, as they invest into multiples of cryptos to build wealth.

BTCUSD Technical Analysis

 Monthly Chart

BTCUSD monthly chart - 7th October 2021

Monthly Resistance Levels: 64921, 52923

Monthly Support Levels: 29804, 37144, 45315, 41502

On the monthly chart, we can see that the previous month ended on a bearish run with little momentum to the low. However, the Bulls resumed on October 01, 2021, with a strong rally pushing BTC price towards the 52000 marks.

The short position bitcoin brokers will have to watch the resistance level of 53000, If the price can close above the zones, they should liquidate their positions for a bullish run. Likewise, should the price reverse from the zone we shall see BTC price dropping lower than the zone where the September candle closed from.

Weekly Chart

BTCUSD weekly chart - 7th October 2021

Weekly Resistance Levels: 60000, 52110, 49500

Weekly Support Levels:  29645, 35000, 39323


A double bottom pattern on the daily chart is reflecting on the weekly time frame that the Bulls orders have been filled and they are ready for a swing high as the previous week closed in a bullish state engulfing other candles. 

Feeds from the fundamentals show that more investors are paying attention to the number one coin in the market and doing all they can not miss out on from the next bullish surge.

If the buying pressure can break out of 52110 levels, we expect the price to reach the 60000-resistance zone.

Daily Chart

BTCUSD daily chart - 7th October 2021

Daily Resistance 45000, 49410, 53000

Daily Support 39000, 40000, 45000

The BTC market structure has changed from a bearish swing to a bullish swing after the last swing low failed to close lower than the previous low. We expect the shift in momentum to attract more bitcoin brokers seeking to hold their position for an uptrend in the longer term.

A close above the resistance zone of 49410 will likely take the price to the high of 53000 in the future. However, a failure from the bulls will bring a reversal to the price from the zone.

Bullish Scenario:

A bullish scenario is on after the Bulls rejected the bear’s pressure from support levels on the daily chart. A close above 45000 gave the bullish momentum and the next move may hit 53000.

 Bearish Scenario:

On the daily chart, if the resistance zone of 50K can hold back the upswing, we anticipate a collapse of the BTC market structure below the 42722 support level for us to see lower prices.


Bitcoin BTC News Events 

Appointment of Diana Biggs rs chasing Crypto Regulations 

The HIVE blockchain appoints Diana Biggs to the HIVE Switzerland Board of Directors. Diana has experience in digital assets technology and financial services. She is an Associate Fellow with the University of Oxford (business school). Prior before now, she was the Global Head of Innovation for HSBBC Private Banking. 

Her passion lies in the use of technology for building a sustainable financial service through decentralized networks. DeFi Technologies has a subsidiary (Valour), she was made the CEO as of November 2020. The subsidiary offers investors opportunities to take concentrated positions in DeFi project tokens via a broker account with little or no management fees.

Valour has surpassed 200M dollars in assets under the HIVE’s Strategic Investment management. ETNs are offered to investors in Europe who are allowing holding some digital assets such as Ethereum (ETH), Cardano (ADA), Solana (SOL), Polkadot (DOT), and Bitcoin (BTC) among others.

BTCUSD Conclusion and Projection

The BTC momentum is bullish and bitcoin brokers are opening long positions as the next bullish run as the potential of running past the ATH it has established. A close above the weekly high of 52500 will open the roof for the price to rise higher.  

The COVID-19 pandemic has affected the economic activities in various countries and they have gone down in a disaster. A lot has changed among various nations in the way businesses are done. Many have lost their positions and circumstances are by and large are weakened. However, the campaign to encourage individuals to receive the covid19 vaccination is still promoted.

James S. Martin
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