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05.10.202111:40 Forex Analysis & Reviews: Bitcoin determines the direction for October

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Bitcoin is approaching the most important level of $ 50,000, and testing it will indicate the further direction of trading. If approaching this level leads to the appearance of a large supply and the formation of an "absorption" pattern of the daily level, then selling will come to the fore.

The downward movement has not yet been canceled, since the September decline is not blocked by growth. The level of $ 50,000 will be tested today or tomorrow and this will be decisive for the entire movement this October. If Bitcoin fails to consolidate above the round level, then further decline can be expected. The first target is to retest the September low.

An alternative option, in which the closing of today's trading will occur above the $ 50,000 mark, will indicate a change in priority. It is worth noting that holding the price above the round level for one or two days will show the strength of the upward movement. The next upward target will be an important level of $ 55,000. Today, it is necessary to decide which side will have to be taken in the near future.

Bitcoin is quite a volatile instrument, so do not forget to adhere to the simple rules of risk management.

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