27.10.202112:48 Forex Analysis & Reviews: Trading plan for Bitcoin for October 27, 2021

Exchange Rates 27.10.2021 analysis

Technical outlook:

Bitcoin remumes its corrective decline from $67000 highs, as discussed earlier and in-line with expectations. The crypto currency is trading around $58900 mark at the time of writing and should find some support around $56200 mark. As shown on the daily chart, the Fibonacci 0.382 retracement of the recent upswing between $40000 and $67000 is passing through $56200 level.

A break below $56000, will open door to test $53000 and $50000 levels in the next few trading sessions as correction deepens. Please note that strong support is seen around $50000 mark, which is the Fibonacci 0.618 retracement and the channel support zone as well. High probability remains for bulls to be back in control if Bitcin drops to $50000 level.

Aggressive traders might remain short for now as suggested on Tuesday, with tight risk at $67000 high. Strong price support is seen through $40000 level, followed by $28600 on the daily chart. Only a break below $40000 and channel support line will change the trend to bearish and target below $28600.

Trading plan:

Potential drop to $56000 against $67000 level.

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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