Trading plan for Bitcoin for October 29, 2021

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Technical outlook:

Bitcoin had dropped through $56,400 levels on Thursday, in-line with expectations and as discussed earlier. Also note that the crypto has tested its fibonacci 0.382 retracement of the recent rally between $40,000 and $67,000 levels respectively. Traders might have booked profits on short positions taken earlier.

Bitcoin has found support around $56,400 mark and is now pulling back toward $61,300-500 levels. The corrective drop from $67,000 might be complete or it could produce another leg lower towards $50,000 mark. Immediate resistance will be seen around $62,800, followed by $64,000 and higher; while support comes in around $50,000, followed by $40,000 levels respectively.

Also note that Bitcoin bulls are expected to remain in control until prices stay above the new channel support trend line. The channel is passing through $48,500 levels at the time of writing and prices could bounce higher from there. On the flip side, a push above $67,000 will open the door for another high toward $75,000 level before finding resistance.

Trading plan:

Target hit around $56,000-500 mark. Potential reversal from $64,000-65,000, against $67,000.

Good luck!

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

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