A1 Trading Company

October 5, 2021

Bitcoin About To Make A Big Move

Frank Cabibi

10/5/2021

The entire crypto market is up overall going into the New York Session, and Bitcoin is currently above the $50K psychological level at the time of writing this. Price has not seen this level for about a month since bitcoin was crushed by China's continued pressure on the market.

Our outlook

Just like any market, crypto goes through cycles of uptrends and downtrends. However, in a relatively new and emerging market, we can see upside for an extended period of time with momentous returns. And the same applies to the downside, but money can be made both ways. The first level for bitcoin was that golden cross we talked about a few weeks ago in this article. Now, it seems that the crypto will have to maintain price above $50K in order to continue its bullish move. Otherwise, we will likely see a retrace.

Trade Setups

BTCUSD

Bitcoin is currently above $50K, and formed new support around $49,246. I think it will be important to watch price action closely today to see whether it can stay above this level. $51,031 is the next potential resistance level on the 4H chart if price keeps running up, and it looks like we could very well see that level get tested today. In short, if bitcoin closes the day above $50K, I think this crypto will likely have enough momentum to catch another big run to the upside.

A1 Edgefinder

AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Yields Hold Steady After GDP

GDP numbers came in lower than expected in the US, marking the third straight drop in economic output. This is usually good news for the stock market indices and gold, however, bond yields continue to hold up above 5.1%. Here are some potential trade setups for both dollar and index longs depending on how the […]

Read More
USOil Breaks Through the Highs! (+$2646.85)

Hi, I’m Nick! I am the founder of A1 Trading, market analyst, YouTuber, and creator of the EdgeFinder software tool. I caught a huge winner on USoil with the help of the EdgeFinder! In this article, I’ll walk you through my thought process behind the trade and how I found this crazy runner! Finding My […]

Read More
Surprising Risk-Off Signal From the EdgeFinder

Last Friday's report showed a significant change in global market sentiment from smart money. What COT signaled has turned ultra-risk-off for traders who have been hoping for Fed fears to subside. This news could spark up worries about higher interest rates for the long term. EdgeFinder Analysis GBPUSD is now a -12 on the EdgeFinder […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptop-phonemenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram