Bitcoin Rallies and Completes a Failure Swing Bottom | Technical Analysis

BTC/USD rallied today, breaking above the 45050 barrier, marked by the high of September 24th, that way completing a complex failure swing bottom formation. In our view, today’s surge has turned the short-term outlook back to positive.

We believe that the bulls may challenge the 48415 territory soon, marked by the highs of September 15th and 16th, but they may decide to take a break after doing so. This could result in a setback, but we do expect it to stay limited above 45050. The bulls may take charge again and push the action above 48415 this time around, a move that may pave the way towards the 50840 zone, defined as a resistance by the inside swing low of September 6th.

Taking a look at our short-term oscillators, we see that the RSI edged north and moved above its 70 level, while the MACD runs above both its zero and trigger lines, pointing up. Both indicators detect strong upside speed and corroborate our view for further advances in this cryptocurrency.

Now, in order to abandon the bullish case, we would like to see a dip back below 44040, marked by yesterday’s high. This may signal the crypto’s return within the consolidation range and turn the outlook back to neutral. We could see though some declines to Tuesday’s low of 40755, the break of which could aim for the 39415 hurdle, defined as a support by the low of September 21st.

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.90% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2021 JFD Group Ltd.