BITCOIN TECHNICAL ANALYSIS AND INTRADAY LEVELS 22 OCTOBER AND THE 4 GREEN CANDLES.

Bitcoin, driven by the euphoria due to the SEC approval of the ETF BITO, reached new all-time highs. How long can it still go up? Online retail traders tend to associate the growth of Bitcoin with the increased purchase demand of the ProShares ETF unaware that Blackrock is managing its ETF with futures and not through the purchase of the underlying Bitcoin.

BTC is now trading close to 63000. It has been turned down from 67000 and more than 439 million positions have been liquidated due to this drop yesterday. Now the possible scenario is that it could test the 61000/62000 area which is a support zone and there could be a rebound from there. If it breaks this area and closes below, then we could see further descent.

Even if the setting I see it quite neutral I am long to respect my levels (which I report) with method and discipline with respective targets and stop losses, I think I will exit at the first target if it reaches it then we'll see.

Looking at a weekly chart, I noticed that after 4 consecutive green candles a red one forms with a nice retracement. this happened in December 2020, January 2021 and 5 candles in August 2021. The fear and greed index went from 84 yesterday to 75, the dominance of BTC is 45.74 down and in a while we could see the altcoins season. In addition to this it should be noted that the growth that BTC achieved was not supported by large volumes.

Weekly chart:

Happy trading everyone!

Chart from tradingview.com

https://www.publish0x.com/?a=oQeZ4DR6bp

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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision. THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.

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