BTC Tests Over $58k

BTC daily candle chart, approximately 6:35am ET, 10/14/21.

BTC is continuing to test smaller levels of resistance as it slowly inches closer to $60,000. BTC tested around $58,400 before dipping back to $57k and finding support. If this range of support holds, we may see a continuation of the trend. On the daily chart, the MFI is still in overbought territory, however, the MACD has the momentum swinging downward while the EMAs continue on upwards.

This could mean that we MAY see a slight bounce downward to support in the mid-50s, but the 4-hour chart is still telling a different story.

BTC 4hr candle chart, approximately 6:50am ET, 10/14/21.

On the 4-hour candle chart, BTC shows signs of continuing its uptrend. The MFI is settling, and the MACD looks like it could be preparing to swing upwards. Of course, it should be noted that there has been a slight decrease in volume over the last few candles. Bullish fundamental factors throughout the globe could also be a factor in influencing price action. As BTC approaches $60k, it will be important to see how it reacts and influences the greater cryptocurrency market’s movement.