Bitcoin BTC’s price surged by 9.88% on the first day in October ’21, as it heads for Plan B’s October $63K price target. PlanB, famous for the stock-to-flow model predicts that Bitcoin as a store of value would attain the $98K mark in November and the $135K mark in December. He also mentioned a floor model (Worst-case scenario), that’s not based on S2F-Stock to flow, but on-chain and price data as the S2F already suggests $100K at the current time.
Let’s try to validate some of his thoughts, starting from the daily time frame, and concluding on the 4HR time frame.
Bitcoin (BTC) Daily Chart Analysis
The BTCUSDT slumped and entered into a price consolidation, following a breakdown of the uptrend line on 07 Sep ’21.
A price close above inside bar resistance [$42969.90] on 26 Sep ’21, hinted an end to the consolidation phase, which was later followed by a price surge to the 18 September resistance level [$48800.00]. If the $48800.00 resistance holds, we might see a temporary price pull-back before a full surge to the ATH, and perhaps a new price discovery.
Trending Stories
Bitcoin (BTC) 4HR Chart Analysis
A step down to the 4HR time frame shows how the 21 September 20:00 bullish divergence support proved to be a hard nut to crack after which the 28 September 20:00 bullish divergence confirmed the uptrend.
The RSI continues to set new highs as a sign of exiting the sideways price structure into an uptrend. There’s no hope for the bears at this point as they get squeezed with new Bitcoin BTC price discovery on the 4HR time frame.
Bullish/Bearish Scenario
As analyzed on the daily and 4HR charts, the RSI [4] proves our bias towards an upbeat campaign, as the BTCUSDT knocks on the $48800.00 resistance at press time.
The uptrend stays valid even if the RSI dips below level-25 on the 4HR time frame on the condition that the RSI stays above level-25 on the daily time frame.
With that said, trading without leverage [spot] or with the least leverage [2X] will keep you safe.
Bitcoin (BTC) Intraday Levels
- Spot rate: $48221.8
- Mid–Term Trend [H4]: Uptrend Starts
- Volatility: High
- Support: $$39571.00, $40875.0, and $44345.80
- Resistance: $48800.00 and $52827.30
- Major Elon Musk Announcement Fails To Spur Dogecoin Rally, Here’s why
- Here’s What Happens If Celsius Prepares For Bankruptcy
- Tether (USDT) Whale Wallets Hit 3-Yr Low, What Does It Mean?
- ETH Jumps 5% Following Ethereum’s Sepolia Testnet Merge Success, Goerli Next
- Major Setback to U.K’s Crypto Community As Sunak and Glen Quit Boris Administration
- Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why
- Just-In: Shiba Inu Will Release New Token, Here’s How To Earn It
- Breaking: China Court Rules Restrictions On USDT, Here’s Why
- After Market Turmoil, USDC Issuer Circle Comes Clean Hinting No Liquidity Risks
- Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement
- AVAX Price Analysis: $18.5 Breakout May Soar AVAX Recovery by 14.7%
- MANA Price Analysis: Will Triangle Breakout Propel Market Price by 40%?
- Solana Price Analysis: Emerging Pattern May Bolster SOL Above $42.5
- BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
- APE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
- CRV Price analysis: Rising $CRV Knockout $0.86 Resistance; is $1 Next?
- Polygon Price Analysis: 20 EMA Resistance Pressurize MATIC for $0.45 Breakdown
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
