Bitcoin daily chart 04/10/2021
Updated
Bitcoin had nice bounce from 40k to 49k. Check the left side of the chart and you will see that 49k is very strong level.
Now it's strong resistance, after break it will be strong support level.
Currently we have two supports one around 47k and second 44 600 USD.
Resistance - the main is daily trendline - around 50k and second one is the local high on 52 500USD.
You see, now is to risky to open any long positions on bitcoin. So, better to wait for reaction.
The main trend is still up.
Now it's strong resistance, after break it will be strong support level.
Currently we have two supports one around 47k and second 44 600 USD.
Resistance - the main is daily trendline - around 50k and second one is the local high on 52 500USD.
You see, now is to risky to open any long positions on bitcoin. So, better to wait for reaction.
The main trend is still up.
Note
We are very close to important trendline! Daily candle close above 48k, this is very good for next uptrend.
Note
Bitcoin dominance is growing. It means bitcoin is stronger then alts in this moment. For next rally up is important to close daily candle above 52 700USD.
In case of bitcoin downtrend will be alts very RED!!
So, it is still better to be careful.
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