Nova Trading | Weekly BTC update | 25 sep - 2 oct 2021

So for this week's BTC update. I would say we've had a nice green run.

TradingView Chart

The levels I will watch this week are: 45k - 48k -52k BTC

This pump is mainly caused (in my honest opinion) by a little good news about US not having the intention to ever ban Cryptocurrencies, and also because of breaking the downtrend. This caused a large influx of new money flowing into the crypto market.

However, these big moves never go without a retrace. So that's why 45k is a key level for me this week. Previous high tend to form a new support when it get's broken. I can see us retest the 45k and start a nice run back up. In which we will probably test 48k again and maybe even go for 52k.  

If these moves happen in fast pumps and dumps ( fast up- and downwards moves) on BTC I am afraid ALTS (alt coins) won't follow bitcoin to much on the upside moves. A steady rise would be the best scenario.

I am short term bullish on BTC for the coming weeks (even while we might go down for the coming days.)


See you guys next week!