Trading plan for Bitcoin for October 06, 2021

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Technical outlook:

Bitcoin has rallied close to $51,900 mark in the past hour, before pulling back. The crypto is trading very close to $53,000 interim resistance as bulls remain inclined to be in control further. Ideally, a pullback towards $46,000 remains possible before resuming higher. Traders who are still holding long positions opened earlier might take some profits.

Bitcoin remain bullish until prices stay above $40,000 mark and a near-term target could be above $65,000 levels. Immediate price resistance is seen around $53,000, followed by $65,000, while support is seen at $40,000 levels respectively. Please note that intraday pullbacks remain possible from here but they should be capped ahead of $40,000.

The next interim buy zone is between $44,000 and $46,000 mark as bulls might be preparing to come back in control. The next leg should push prices towards $65,000 and higher provided $40,000 remains intact.

Trading plan:

Potential buy zone around 44,000-46,000, stop 40,000 with target @ 65,000.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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