Bitcoin Technical Analysis 1 October, 2021

• Bitcoin reversed from support zone
• Likely to rise to resistance level 48600.00

Bitcoin cryptocurrency continues to rise after the price reversed up from the support zone located between the powerful support level 41000.00 (which has been reversing the price from the middle of September), lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward impulse wave (1). The upward reversal from this support zone created the clear bullish candlesticks reversal pattern Morning Star , which began thee active impulse wave 3.

Given the strength of the aforementioned support zone and the sharp rise in risk appetite seen across the cryptocurrency markets today, Bitcoin cryptocurrency can be expected to rise further toward the next resistance levels 48600.00 (top of wave B) – followed by 50K level (target for the end of wave 3).

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