Bitcoin Technical Analysis 22 October, 2021

• Bitcoin reversed from resistance zone
• Likely to fall to support level58900.00

Bitcoin cryptocurrency recently reversed down with the daily Bearish Engulfing from the resistance zone lying between the long-term resistance level 65000.00 (which stopped the sharp weekly uptrend in May as can be seen from the weekly Bitcoin chart below) and the upper weekly Bollinger Band. The price is currently forming the weekly Shooting Star – strong sell signal for Bitcoin.

Given the strength of the aforementioned resistance zone, overbought weekly Stochastic – Bitcoin cryptocurrency can be expected to fall further toward the next support level 58900.00 (former major resistance from May).

Was this post helpful?