Trustpilot

Nova Trading | WEEKLY BTC UPDATE | 17 OCT - 23 OCT 2021


So for this week BTC caught a new ATH But is it going to hold?

We see the market pulled back from the ATH for now and is retesting the DAILY TREND-LINE meaning this trend-line has to hold to remain the bullish trend in my eyes. 

I got 2 charts for you to watch:

the 1h chart:

 

So in this chart you can see the short-term trend that Bitcoin has been holding. A big volume candle close BELOW this line would indicate invalidation of trend to me. Meaning i'm not long anymore and will wait for a big pullback in the market to find new entries.
The next chart is the daily chart:
This is the mid/long-term trend bitcoin has been respecting. A daily candle close below would mean to me that we will be going for a big move to the downside.
For now. This is either the risky accumulation area, meaning you could buy some altcoins here if you anticipate on BITCOIN to do a bounce off the trendline and make a big move upwards, or to hold your hands off the market for now, to see if bitcoin is really bouncing or breaking the trend.