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.
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