Bitcoin Technical Analysis 21 October, 2021

• Bitcoin reversed from resistance area
• Likely to fall to support level 600.00

Bitcoin cash cryptocurrency recently reversed down from the combined resistance area located between the key resistance level 645.30 (which has been repeatedly reversing the price form the start of Septembers as can be seen from the daily Bitcoin cash chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse waves (iii) and 3.

Given the triple bearish divergence on the daily Stochastic indicator, strong nearby resistance area and the take-profit sentiment seen across the cryptocurrency markets today , Bitcoin cash can be expected to fall further toward the next round support level 600.00.

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