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๐Ÿ“ˆ Daily TA: Bitcoin (BTC/USD) | 15-10-2021

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@cryptospa
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Hello, dear members of LeoFinance!

The price of Bitcoin has just surpassed the psychological level of $60000! Congratulations, hodlers! That's why today let's talk about the price of Bitcoin.

So, in the weekly chart (1W), three weeks ago, BTC/USD formed a Bullish Engulfing (typical trend reversal signal). After that, the price resumed the uptrend: Now, we have a potential sequence of three solid bullish candlesticks. So, this candlestick formation is called Three White Soldiers. And, it is a bullish candlestick formation pointing to a potential continuation of the price increase. However, we have to keep in mind that till the end of the week there are two and a half more days. That's why the last candlestick is not confirmed, and we have to be very cautious.

Next, let us try to figure out the price target for BTC/USD if we assume that the Three White Soldiers candlestick pattern forms. For this, let's have a look at the daily chart, where BTC/USD formed a Bullish Flag (common trend continuation pattern) a while ago: As can be seen from the chart, BTC/USD has exited successfully the flag and has resumed the uptrend. To set the price targets, usually, traders use the flag height and apply it to the exit point of the flag. It is obvious, that BTC/USD has reached the first target - the 38.2 Fibonacci level or $52890. BTC/USD has even reached the second target - the 61.8 Fibonacci level or $58517. Now, the next target is the full height of the flag or the level of approximately $67626.

To be continued ...

As of the time of writing, one BTC costs $61264 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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