Daily BTC Update

25 thg 10, 2021

BTC has been trading in a range between 60K and 63K now for three days. We are not free and clear of a further correction yet, but for me it is time to start re-entering long positions. We've had a strong bounce out of the 60K demand zone that has eclipsed the trading ranges of the previous three candles, so it appears that the bulls have rallied to the call. In other markets I'd be looking for further validation prior to entering, however BTC waits for no one and I'm happy to accept the risk of further down side when taking into consideration how bullish other on chain metrics and fundamental are. Right now on the 1hr chart we have just reacted to the 63K supply zone and price has come back a bit. This 63K supply zone has proven to be a notable obstacle and will take a bit of work to get through, however when we do I have a feeling the momentum will carry us to new all time highs. Selling pressure pushing price down from this zone is coming with only small volume. This is a good sign that the bears are weakening and its less likely we'll visit the 60K zone again.