Market Analysis of Bitcoin on Tuesday 12, October 2021

2021-10-12 13:55Source:BtcDana

Bitcoin continued to rise on Monday, stable at a recent key point of 56,000, and the current price is at $56,900. The total lock-up volume of Bitcoin anchor coins exceeded US$16 billion, a record high. USDT accounts for approximately 60.56% of bitcoin transactions. The total size of crypto investment funds is 66.715 billion US dollars. Afghanistan's cryptocurrency usage ranks among the top 20 in the world. Chairman of Citigroup: Citigroup is acting as an agent for clients in cryptocurrency transactions.


From a technical perspective, Bitcoin is relatively bullish short-term. The daily graph closed by 3 consecutive bullish candles. MA diverged upward, RSI increased, and bullish trend has been completed. H4 graph showed a unilateral upward trend. BOLL widened and the upwards channel has been completed. MACD maintained bullish trend. Overall, prioritise Buy. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 56000.

https://asset.onetrader.online/upload/file/1633968000000/1634021226296.jpeg

Resistance:57800-59600-60000

Support:56000-54800-53300


This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.


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