Bitcoin BTC’s price surged by 9.88% on the first day in October ’21, as it heads for Plan B’s October $63K price target. PlanB, the stock-toflow model that predicts Bitcoin’s value as a store of wealth will reach the $98K mark for November and $135K in December. He also mentioned a floor model (Worst-case scenario), that’s not based on S2F-Stock to flow, but on-chain and price data as the S2F already suggests $100K at the current time.
Let’s try to validate some of his thoughts, starting from the daily time frame, and concluding on the 4HR time frame.
Daily Chart Analysis for Bitcoin (BTC).
The BTCUSDT slumped and entered into a price consolidation, following a breakdown of the uptrend line on 07 Sep ’21.
A price close above inside bar resistance [$42969.90] on 26 Sep ’21, hinted an end to the consolidation phase, which was later followed by a price surge to the 18 September resistance level [$48800.00]. If the resistance of $48800.00 holds, there may be a temporary price pullback, before a full surge to ATH and possibly a new price discovery.
Analysis of the 4HR Chart for Bitcoin (BTC).
The 4HR time frame shows that the 21 September 20:00 bullish diversgence support was difficult to grasp after which the 28 September 22:00 bullish divergence confirmed and confirmed the uptrend.
As a sign that the sideways price structure is being transformed into an uptrend, the RSI keeps setting new highs. There’s no hope for the bears at this point as they get squeezed with new Bitcoin BTC price discovery on the 4HR time frame.
The RSI is analyzed using the daily and 4HR charts. Our bias toward a positive campaign is evident as the BTCUSDT hits the $48800.00 resistance at press-time.
Even if the RSI drops below level-25 in the 4HR timeframe, the uptrend remains valid provided that the RSI is above level-25 on a daily basis.
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Bitcoin (BTC) Intraday Levels
Spot rate $48221.8
Mid–Term Trend [H4]: Uptrend starts
Volatility is high
Support: $39571.00, $44345.80, and $40875.0
Resistance: $48800.00 and $502827.30
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