Bitcoin Technical Analysis 28 October, 2021

• Bitcoin reversed from support zone
• Likely to test resistance level 65000.00

Bitcoin cryptocurrency recently reversed up from the support zone lying between the key support level 58910.00 (former multi-month resistance level from May, acting as the support after it was broken by the previous impulse wave (i)), 29-day moving average and the 61.8% Fibonacci correction of the upward impulse from the middle of October. The upward reversal from this support zone continues the active impulse waves 3 and (3).

Given the clear daily uptrend and the return of the risk-on sentiment seen across the cryptocurrency markets , Bitcoin can be expected to rise further toward the next major resistance level 65000.00.

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