Bitcoin (BTC) It has been on an upward trend since trading until 29,283.97 on July 20th. Based on the September closing price of 43,438.50, my own analysis shows that the risk level for October is 57,814. Today’s trading has exceeded this level. The rise was triggered by a break above the October 1 quarter pivot of 45,713.
Some Wall Street analysts say Bitcoin cannot be traded. With daily and weekly charts and levels from my analysis, Bitcoin is easy to trade.
Bitcoin daily chart
Bitcoin has been trading above the Golden Cross since September 16th, when the 50-day MA was above the 200-day MA. The October price target was 57,814, a dangerous level for this month. Beyond this, it hit a high of 58,523.36. The 50-day SMA is 48,211.44 and the 200-day SMA is 44.933.64.
The highest horizon is the 57,814 monthly pivot. The second horizon at 45,713 is the quarterly pivot. The third horizon is the 37,815 semi-annual pivot. The lower horizon is the annual level of 18,892.
Bitcoin weekly chart
Bitcoin’s weekly chart is positive, but overbought with ciphers above the 5-week modified moving average of 49,579.86. It far exceeds the 200-week simple moving average or the reversion to the 16,304.60 average. The 200-week SMA was last tested at 5,568.64 for the week of March 22, 2020.
The weekly slow probability level of 12x3x3 has risen to 81.83 and is overbought with readings above 80.00. The buy signal occurred in the week of August 8th.
Trading strategy: Weaknesses buy Bitcoin at 45,713 quarterly pivots and reduce holdings at 57,814 monthly pivots tested today. I do not advise short positions.