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October 19, 2021

Bitcoin To All-Time Highs Again- Do This Now

Frank Cabibi

10/19/2021

Another great week for this value coin is taking price closer and closer to ATH around $65,000, as investors eye the last psychological level of resistance in the way. A new crypto fund debuted on the NYSE this morning which was the first traded fund on this exchange marking this event as a big step for the crypto community.

Our outlook

Whether we support or not, more money and technology continue to get piled into this industry, and the best minds in tech are working to improve security, business, transactions, etc. In just the month of October, bitcoin has climbed over 50% and 115% from July when it hit the lows. I think it's very possible we see another test at the all-time highs in the next few days to week, judging purely off this recent surge in momentum.

Trade Setups

BTCUSD

Price made a higher high on the 1D chart and inches slightly higher towards ATH at $65K. Because of the already-big move, support is way below around $53,000, but momentum suggests that a move to the $65,000 is more likely than a 15% decline. If price can break this major level of resistance, we may see an additional leg higher with increased momentum on the break.

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