πŸ“ˆ Daily TA: Bitcoin (BTC/USD) | 01-10-2021

1 Min Read
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Hodl, dear members of LeoFinance!

Today I would like to outline something important on the price chart of Bitcoin.

In the 4-hour chart (4H), BTC/USD is trying to exit the Bullish Flag (typical trend continuation pattern):
01.10.2021 BTCUSD 1.jpg
As can be seen from the chart, a breakout is probably taking place. So, it seems that we are at the very beginning of the uptrend renewal.

Moreover, if, in the 4-hour chart (4H), BTC/USD exits the flag successfully then at the end of the week we may see a Bullish Engulfing (common trend reversal candlestick formation) in the weekly chart (1W):
01.10.2021 BTCUSD 2.jpg
If the Bullish Engulfing forms then we will receive a confirmation of the potential uptrend renewal in the weekly time frame as well. In this case, the probability of the uptrend renewal will be much higher.

To be continued ...

As of the time of writing, one BTC costs $47108,89 on the Bitstamp crypto exchange, according to TradingView.


A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.


Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.


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