Technical analysis update: BTCUSD (15th October 2021)

BTCUSD trades slightly below 60 000 USD pricetag. We will observe whether it manages to break above this price level and stay there. It would be particularly bullish for BTCUSD and in such scenario we would expect BTCUSD to try new all time high. However, there are several indicators that reached overbought condition already. Therefore, we are very cautious.

Technical analysis
Stochastic is bullish. MACD is also bullish. Trend continues to be bullish, however, RSI reached overbought condition which suggests that price might experience correction soon.

Support and resistance
Short-term support sits at 59 603 USD. Support 1 appears at 52 956 USD and Support 2 at 48 834 USD. Support 3 sits at 39 573 USD while major support lies at 28 600 USD. Major resistance coincides with all time high at 64 895 USD.

Previous thought from 6th October 2021:

Here we noted that we changed stance from neutral to bullish.

Previous thought from 4th October 2021:

Here we presented interesting and very clear setup for BTCUSD. After that price bursted into bullish direction.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

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Idea was updated in following post: