BTCUSD – Weekly outlook for Bitcoin Price – 7th October 2021

Bitc0in Price Forecast

Introduction

In this new month of October, Bitcoin brokers are bullish, and pushing for the rise of the number one cryptocurrency currency as the new month of October started with a bullish run. 

More than 60 global central banks have considered a backed digital currency of recent. China’s central bank announced its digital yuan by 2022.

 BTCUSD Technical Analysis

Monthly Chart Bullish 

BTCUSD monthly chart - 7th october 2021

Monthly Resistance Levels: 65392, 53127

Monthly Support Levels: 28673, 40000

The online brokers who waited for price to hit the support zones of 40000 were able to reserve the direction of price as the new month began. We are likely to see the market continue in that surge to close above the high of the previous month. A breakout above will likely expose the ATH of the bitcoin history.

Weekly Chart

BTCUSD weekly chart - 7th october 2021

Weekly Resistance Levels: 65000, 53000, 49400

Weekly Support Levels:  33000, 39300

 

Some weeks back, the BTC/USD made about a 24.54% fall in price from the 53000 resistance zones down to the 39300 support levels before the price bounced back.

The recent bullish candle of last week shows that buyers were able to dominate the market and there is the possibility that the price might sow higher in the days ahead. The Bull’s strength will be in the ability of the participants to takeout the resistance level of 53000. 

Daily Chart

BTCUSD daily chart - 7th october 2021

Daily Resistance 53000, 52500

Daily Support 40000, 45000, 38000, 49420

The Bitcoin price is recovering from the bearish spike of September 07, 2021, which took the price down from the high of 52818. The sellers were not able to close lower than the support levels of 40000 and 38000  because of the Bulls rejections around the level. 

The market sentiment is bullish on the daily time frame and the trend is building momentum as it tries to breakout above the resistance levels of 49420. A close above the zone will take the price of BTCUSD higher to the next level of 52500.  A rejection of price around the current level of resistance with push down price to the support zone of 45000 before we see a rejection of price or break out below of the support zones.

 

H4 Chart

4 Hour Resistance 52500, 50000, 47500

4Hour Support  45411, 42500, 39550

The Bitcoin price has started its bullish recovery after experiencing a massive fall in price. The online brokers have started seeing the bullish pattern of higher highs and higher lows on the H4 chart. The Bulls need to push above the high of 50000 for it to enjoy another bullish rally.

Bullish Scenario:

A bullish scenario favors buyers on the H4 chart as price broke out of the descending trendline giving them an advantage in the market for an uptrend.

Bearish Scenario

On the daily time frame, we can see that the long candle shooting up has changed the market psychology to a bullish bias. Therefore, a bearish scenario may not be visible now until we see a definite rejection of price at the resistance of 50000.

Bitcoin BTC News Events 

Institutional Interest Grows As Banks Moves into Bitcoin and Crypto Custody

Reports show that some banks currently seek ways to intensify their interest in working with some exchanges and to store their customer’s fiat and crypto-assets. Some banks ruled out the notion of working with the trading platforms for now because of the dynamic nature of the crypto market.

Some banks in Asia have shown a positive approach towards bitcoin and crypto custody, banks like NongHyup (NH Bank), Kookmin (KB Bank), Shinhan, and Woori among others.

Shinhan made some investments with (KDAC) a digital asset management company in Korea. The Korea Digital Asset Trust has notable clients such as NXC holders of (Nexon, Bitstamp, and Korbbit exchanges), also Alpha Asset Management is a client with KDAC.

NongHyup bank is an active player in the business and has made a strategic equity investment in a custody specialist called Cardo. Likewise, Kookmin and Haech Labs co-launched the KODA (Korea Digital Asset) and they have high profile clients like Wemade( crypto gaming giant)

BTCUSD Conclusion and Projection

Institutional interest is on the custodians of cryptocurrency by working with the crypto exchanges y providing banking services to their customers in keeping their fiat and crypto safe rather than working with trading platforms.

On the daily chart, the online brokers are bullish and they intend to reach the previous high as the days unfold.

 

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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