FX.co - BTC analysis for October 07,.2021 - Buying climax and rounding top in the background

7 October 2021 at 12:18PM (UTC+0)

Relevance until8 October 2021 at 12:18PM (UTC+0)

Technical analysis:

BTC analysis for October 07,.2021 - Buying climax and rounding top in the background

BTC has been trading flat today at $54,000 but I see potential for the downside movement towards $52,000.

Trading recommendation:

Due to buying climax in the background with the rounding top formation after, I see potential for the downside movement.

Watch for selling opportunities on the rallies with the downside objective at the price of $52,000.

Stochastic is showing bull cross but with new momentum low on slow line.

Resistance is set at $55,500

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for October 07,.2021 - Buying climax and rounding top in the background