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22.10.202111:50 Forex Analysis & Reviews: Trading plan for Bitcoin for October 22, 2021

Exchange Rates 22.10.2021 analysis

Technical outlook:

Bitcoin hit an all-time high around $67,000 levels before pulling back on Thursday. The minimum projected target is achieved and traders might be preparing to book full profits here. The crypto has rallied since printing $28,600 lows in a fresh rising channel as displayed here on the daily chart. Now, the probability remains high for a pullback towards $56,000 and up to $49,000 levels before resuming an uptrend again.

Bitcoin has produced an engulfing bearish candlestick pattern on the daily chart indicating a potential reversal ahead. The Fibonacci 0.618 retracement of the recent rally between $40,000 and $67,000 is passing through the $48500-49000 mark. It could find the next bullish reversal there and resume an uptrend towards $75,000 levels.

On the flip side, if prices break below $40,000 initial support, bitcoin may drag further towards the $42,000 mark. Bulls could come back in control until prices stay above $28,600 levels. Traders might remain aside for a while and allow prices to correct lower towards $56,000 at least before initiating fresh long positions.

Trading plan:

Target achieved. Remain flat for now.

Good luck!

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Oscar Ton,
Chuyên gia phân tích của InstaForex
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