Bitcoin Technical Analysis 8 October, 2021

• Bitcoin reversed from resistance area
• Likely to fall to support level 52645.00

Bitcoin cryptocurrency continues to fall after the price reversed down from the resistance zone set between the round resistance level 55000.00, upper daily Bollinger Band and the resistance trendline of the wide daily up channel from the start of August. The downward reversal from this resistance stopped the earlier short-term impulse wave 3, which belongs to wave (3) from the end of September.

Given the strength of the aforementioned resistance zone and the overbought daily Stochastic, Bitcoin cryptocurrency can be expected to fall further toward the next support level 52645.00 (former monthly high from September).

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