FX.co ★ Trading plan for Bitcoin for October 07, 2021

Technical outlook:

Bitcoin continues its rally without any meaningful retracement reaching close to the $56,000 mark on Wednesday. The crypto is trading extremely close to major resistance at the $59500 mark. It is quite possible for bulls to target $59,000-60,000 straight from here before producing any meaningful correction. The next major buying zone still remains around the $45,000-46,000 zone.

Bitcoin is seen to be trading around the $55,000 mark at this point in writing and might be poised to push through $59,500 resistance in the near term. It is recommended to wait for a retracement to initiate fresh long positions going forward. Immediate price resistance is seen at $59,500, while support is strong at around $40,000 respectively.

Bitcoin continues to remain bullish till prices stay above the $40,000 mark. The high probability remains for prices to correct to the $45,000-46,000 zone in the near term, before resuming higher again. Bulls are targeting above the $65,000 mark going forward but prices need to stay above the $40,000 mark.

Trading plan:

Potential towards $65000 against $40,000. Next buy zone is around $45,000-46,000.

Good luck!