October 15th Bitcoin technical analysis

Bitcoin (BTC) continued to climb on October 15, approaching $ 60,000, its highest price since April. As it approaches all-time highs, BTC also appears to be nearing the apex of the bullish move.

Day outlook

Bitcoin finally closed above the horizontal resistance area of ​​$ 57,200 on October 14th. A clear upward movement began the next day. This is an important development as this area represents the final level of resistance before BTC hits its all-time high. This is also the 0.786 fib retracement resistance.

In the near future, the same area is likely to serve as a support. The next resistance is at the all-time high of $ 64,000.

Technical indicators in the daily timeframe are bullish.

MACD is in positive territory and increasing. This shows that the short term trend is moving faster than the long term trend.

The RSI has also risen above 70 again. The RSI is a momentum indicator and a move above 70 suggests a strong uptrend although it has now entered the overbought territory.

Hence, technical indicators support the continuation of the uptrend in the daily timeframe.

BTC / USDT daily chart | Source: Tradingview

Bitcoin goes higher

The six-hour chart shows BTC breaking out through an ascending parallel channel.

Since channels often contain corrective structure, a breakout above the channel suggests that the upward move was impulsive, amplifying the uptrend. This also agrees with signals from the daily timeframe.

The breakout comes right after the RSI creates a hidden bullish divergence (blue line), which is a signal that usually leads to the continuation of an uptrend.

BTC / USDT 6-hour chart | Source: Tradingview

Count waves

The number of short-term waves shows that BTC is in the 4th and final wave of a bullish impulse that began on September 21st. Hence, it is expected that there will be a short-term wave after the current move completes.

BTC has hit the first target area for the top of the pulse. This zone is between $ 59,700 and $ 60,000 and is formed by the length of the first wave (white) and the length of wave 1-3 (orange).

When it scales, BTC will hit the next resistance between $ 63,250 and $ 63,850.

In any case, it looks like BTC is nearing the top.

BTC / USDT 2-hour chart | Source: Tradingview

The number of long-term waves showing the formation of waves 1-2 / 1-2 suggests that a strong rally could follow once the correction is complete.

BTC / USDT daily chart | Source: Tradingview

You can see the Bitcoin price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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