BTC/USD $58,000 October Price Target
Bitcoin pumped going into this month, October, as it bounced off the $40,707 level and reversed back up from there. At the moment, it looks like Bitcoin has broken through $44,854 and is holding $47,410 as a level of support. On the weekly time frame, Bitcoin has already painted the bottom wick of the weekly candlestick and is looking for some upwards action.
Moving forward going into October, Bitcoin is looking to reverse to its previous highs as it comes closer to breaking out of this downtrend holding the price down.
A technical indicator that has been predicting a bullish outcome for BTC is the pennant pattern, where Bitcoin is still currently consolidating inside of two converging trend lines prepping for a breakout to a bullish continuation pattern.
If Bitcoin breaks out of the downtrend and regains this uptrend and $51,689 as support, we are going to have a great month and see new highs. My targets in this scenario are:
TP1 🎯 $54,028.85
TP2 🎯 $55,218.46
TP3 🎯 $57,795.20
TP4 🎯 $58,109.96
Check out the attached chart which highlights the bullish pennant on the 3-day time frame. We are still trading in between the two trend lines and waiting to breakout.
Thanks traders! Let me know your thoughts down below!
As always please do your own research, I am not a licensed financial advisor and this information is for educational purposes only.
Bitcoin pumped going into this month, October, as it bounced off the $40,707 level and reversed back up from there. At the moment, it looks like Bitcoin has broken through $44,854 and is holding $47,410 as a level of support. On the weekly time frame, Bitcoin has already painted the bottom wick of the weekly candlestick and is looking for some upwards action.
Moving forward going into October, Bitcoin is looking to reverse to its previous highs as it comes closer to breaking out of this downtrend holding the price down.
A technical indicator that has been predicting a bullish outcome for BTC is the pennant pattern, where Bitcoin is still currently consolidating inside of two converging trend lines prepping for a breakout to a bullish continuation pattern.
If Bitcoin breaks out of the downtrend and regains this uptrend and $51,689 as support, we are going to have a great month and see new highs. My targets in this scenario are:
TP1 🎯 $54,028.85
TP2 🎯 $55,218.46
TP3 🎯 $57,795.20
TP4 🎯 $58,109.96
Check out the attached chart which highlights the bullish pennant on the 3-day time frame. We are still trading in between the two trend lines and waiting to breakout.
Thanks traders! Let me know your thoughts down below!
As always please do your own research, I am not a licensed financial advisor and this information is for educational purposes only.
Trade active:
TP1 🎯 $54,028.85 (hit)
TP2 🎯 $55,218.46 (hit)
Scam wick on the 5-minute time frame stopped out my long. Going into the weekly close in less than 3 hours, cryptos are looking for a great week ahead. I am looking for my re-entry right below the TP2 level.
TP2 🎯 $55,218.46 (hit)
Scam wick on the 5-minute time frame stopped out my long. Going into the weekly close in less than 3 hours, cryptos are looking for a great week ahead. I am looking for my re-entry right below the TP2 level.
