Oct 06 - CRYPTOCHARTING DAILY - Bitcoin

Good reaction of cryptocurrencies after some days of (relative) weakness.

Today we'll have a focus on Bitcoin charts, trying to understand where we are both on short and medium term.

BITCOIN

SHORT TERM

1 hour chart

After the breakout of ascending trendline, there was a risk of a sharp downside, but support at 4140$ held and price rebounded with strenght.

Short term trend is now positive and first target is at 4478$, but we must be careful and monitor first support at 4360$. Below that, other important levels are at 4290$ and 4140$.

MEDIUM TERM

1 day chart

No news: medium term scenario is still positive on three bullet points:

1. TREND - ascending trendline is still respected

2. MACD - this indicator, based on moving averages, has given a clear buy signal

3. RSI - no divergences between price and RSI and this is another confirmation

Talking about levels, we are now facing an important resistance at 4400$ - 4478$. Over those levels, next targets are at 4670$ and 4950$, on historical high.

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