Gold Price and Crude Oil Price Remain Supported

Gold price started a fresh increase from the $1,720 support. Crude oil price rallied and it even broke the $75.00 resistance before correcting lower.

Important Takeaways for Gold and Oil

• Gold price started a decent increase above the $1,735 resistance against the US Dollar.

• There was a break above a major bearish trend line with resistance near $1,737 on the hourly chart of gold.

• Crude oil price started a fresh rally from the $70.00 support zone.

• There was a break below a key bullish trend line with support near $74.85 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price extended its decline below $1,740 against the US Dollar. However, it found support near the $1,720 zone. A low was formed near $1,721 on FXOpen and the price started a fresh increase.

It was able to clear the $1,735 resistance and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,737 on the hourly chart of gold.

Gold Price Hourly Chart

The price even broke the 50% Fib retracement level of the key decline from the $1,787 swing high to $1,721 swing low. It is now consolidating gains near the $1,750 level. The first major resistance is near the $1,762 level.

The 61.8% Fib retracement level of the key decline from the $1,787 swing high to $1,721 swing low is also near $1,762. The main resistance is near the $1,780 level. A close above the $1,780 levels could open the doors for a steady increase towards $1,800.

The next major resistance sits near the $1,820 level. On the downside, an initial support is near the $1,745 level. The first major support is near the $1,735 level. A downside break below the $1,735 support zone may possibly spark a sharp decline. In the stated case, the price could test the $1,720 support.

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Investors Expect US Dollar’s Safety Despite Rising Inflation

A new trading month has started pretty much on the same note as the previous one: rising inflation and a stronger US dollar. Last Friday, inflation in the Eurozone and the United States exceeded expectations.

In Germany, for example, it is above 4%, and the last time the annual inflation was as high, the interest rates were higher still. In the US, the Core PCE inflation rose by +0.3% in the previous month. This is the Fed’s favorite way of measuring inflation because it does not consider energy and food prices.

Speaking of energy prices, they are going through the roof. Last week, some interesting milestones were reached. First, Brent crude oil has reached $80/barrel, a 3-year high. Second, Asian coal has reached $203 a tonne, also a record. Natural gas in Europe and Asia hit a record high as well, $34/mBtu.

Although energy prices are not included in the Core PCE calculation, Core PCE is still on the rise, which is evident from Friday’s data. If we judge by the M2 (i.e., money supply)’s correlation to inflation, as shown by the chart below, then inflation is just about to explode.

Why Is US Dollar Getting Stronger Despite Rising Inflation?

One of the questions that many traders and investors are asking is, why is the US dollar getting stronger in a rising inflation environment? Indeed, the US dollar gained against its peers in 2021. Take the EUR/USD exchange rate: it started the year above 1.23 and closed last Friday around 1.16 – a decline of over seven big figures (i.e., seven hundred pips).

There are a few reasons for this. First, USD’s status as the world's reserve currency has not changed during the pandemic despite the US Federal Reserve printing more money than ever.

Second, the Fed prepares to remove some of the monetary accommodation. Most likely, the Fed will announce the start of the tapering of its asset purchases program in November, and the actual reduction in bond-buying in December. Thus, there will be no more bond-buying from the Fed by the middle of next year, as quantitative easing will have officially ended.

In doing so, the Fed is way ahead of other central banks. And it responds to – you guessed it – rising inflation.

Rising inflation prompts central banks to tighten the monetary policy. The quicker the response, the easier it would be to contain the rise in the prices of goods and services. Judging by how far the prices went, it could be that the Fed and other central banks in the world are behind the curve with their monetary policy measures.

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EUR/USD and EUR/JPY: Euro Eyes Recovery

EUR/USD extended its decline to 1.1565 before correcting higher. EUR/JPY is rising, but it is facing hurdles near 129.50 and 129.75.

Important Takeaways for EUR/USD and EUR/JPY

• The Euro gained bearish momentum below 1.1650 and 1.1600.

• There is a major bearish trend line forming with resistance near 1.1600 on the hourly chart.

• EUR/JPY is attempting a recovery wave above the 129.20 resistance level.

• There is a key bullish trend line forming with support near 129.00 on the hourly chart.

EUR/USD Technical Analysis

The Euro started a major decline after it struggled to clear the 1.1750 resistance against the US Dollar. The EUR/USD pair broke the 1.1650 support zone to move into a bearish zone.

The pair even traded below the 1.1600 support and settled below the 50 hourly simple moving average. A low was formed near 1.1563 on FXOpen and the pair is now correcting losses. There was a break above the 1.1600 level.

EUR/USD Hourly Chart

The pair even spiked above the 1.1620 resistance level, but it faced a strong resistance near the 1.1640 level. A high was formed near 1.1639 and the pair corrected lower.

It traded below the 50% Fib retracement level of the upward move from the 1.1563 swing low to 1.1639 high. There is also a major bearish trend line forming with resistance near 1.1600 on the hourly chart.

It is now consolidating near the 1.1590 level and below the 50 hourly simple moving average. An immediate resistance is near the 1.1600 level. The main resistance is forming near the 1.1640 and 1.1650 levels. A clear break above the 1.1650 resistance could push EUR/USD towards 1.1750.

On the downside, the 1.1665 level is a major support. Any more losses might lead EUR/USD towards the 1.1520 support zone in the near term. The next major support sits near the 1.1500 level.

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ETHUSD and LTCUSD Technical Analysis – 07th OCT, 2021

ETHUSD: Ether Above $3500

Ethereum is moving in a strong bullish momentum after crossing the $3500 handle, and any dip is reinforced with fresh buying pressure in ETHUSD. ETH is now on its path towards crossing the Fibonacci resistance levels of $3615 and classic resistance levels of $3644 today.

Ether is expected to maintain the bullish tone this week and continue towards the $4000 mark as the bulls take over. Today in the Asian trading session ETHUSD touched an intraday low of $3470.

ETH is now moving above both the 100 hourly and 200 hourly moving average. After reaching the $3600 level, prices are expected to consolidate towards $3550.

• Ethereum is on a bullish run towards $3750

• Short term to Medium term outlook remains bullish.

• Staying above both the 100 hourly simple and exponential moving averages

• The ETHUSD is expected to cross $3850 in the opening of next week.

Ether Uptrend Channel Formations

ETHUSD is moving in uptrend channel formations by staying above the $3500 levels. Ethereum is now on its path towards $3600 after clearing the 50-day moving average of $3500.82. The volatility in ETHUSD is lower today, and more trading volumes could be seen this week.

ETH gained 5.73% with a price change of +$196.88 in the past 24hrs, and has a trading volume of 22.478 billion USD.

The Week Ahead

Ethereum is moving in a bullish tone this week, and any dips are well supported, pushing its prices above the $3500 mark. A short-term correction is expected once the price reaches $3600 after which the path towards $4000 will be cleared.

Since the average direction change (14-day) is neutral, ETHUSD may enter into a consolidation or correction phase at any time; but the renewed buying pressure that is seen will steer its prices above $3600 today in the US trading session.

This week, ETH is expected to close above the $3800 level, and the trend will continue in the opening of the next week.

Technical Indicators:

StochRSI (9,6): at 63.86 indicating a BUY

Moving averages convergence divergence (14-day): at 18.72 indicating a BUY

Ultimate oscillator: at 61.79 indicating a BUY

Bulls/Bears power (13-day): at 18.187 indicating a BUY

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GBP/USD Eyes Upside Break While GBP/JPY Is Rising

GBP/USD is rising and it could continue higher if there is a break above 1.3700. GBP/JPY is surging and it is trading above the 152.50 pivot level.

Important Takeaways for GBP/USD and GBP/JPY

• The British Pound traded as low as 1.3414 before it started an upside correction against the US Dollar.

• There was a break above a major bearish trend line with resistance near 1.3610 on the hourly chart of GBP/USD.

• GBP/JPY gained pace and was able to clear the 152.50 resistance zone.

• There is a key bullish trend line forming with support near 152.20 on the hourly chart.

GBP/USD Technical Analysis

This past week, the British Pound extended its decline below the 1.3550 support level against the US Dollar. The GBP/USD pair even broke the 1.3500 and 1.3450 support levels.

It traded as low as 1.3414 on FXOpen before it started a decent increase. There was a steady increase above the 1.3500 resistance level. The price surpassed the 1.3550 resistance level, but it remained below the 50 hourly simple moving average.

GBP/USD Hourly Chart

There was a break above a major bearish trend line with resistance near 1.3610 on the hourly chart of GBP/USD. Besides, the pair surpassed the 38.2% Fib retracement level of the main decline from the 1.3912 swing high to 1.3414 low.

The pair even climbed above 1.3600 and retested the 1.3620 resistance levels. However, the pair is now facing resistance near the 1.3660 level. It is also struggling near the 50% Fib retracement level of the main decline from the 1.3912 swing high to 1.3414 low.

A close above the 1.3660 level could open the doors for more gains. The next major hurdle is near 1.3700 and the 50 hourly SMA, above which the pair could surge towards 1.3800.

On the downside, an immediate support is near the 1.3620 level. The next major support is near the 1.3550 level. If there is a break below the 1.3550 support, the pair could test the 1.3500 support. If there are additional losses, the pair could decline towards the 1.3420 level.

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BTCUSD and XRPUSD Technical Analysis – 12th OCT, 2021

BTCUSD: Rising Uptrend Channel Above $54K

Bitcoin continues to gain momentum and is now moving in a rising uptrend channel formation above $54000. BTCUSD continues its bullish run today in the European trading session, having crossed the level of $57000. Bitcoin is trading above both 100 hourly simple and exponential moving averages. The rally in the BTC continues with fresh buying support seen after it touched an intraday low of $56439 today in the Asian trading session.

The medium to long term outlook for bitcoin remains bullish with immediate targets for today at $58500.

Commodity channel index (14-day) and ultimate oscillator are both indicating a BUY at the current market levels of $57450.

• Bitcoin crossed its major resistance levels of $51357 and continues to remain above these levels.

• BTCUSD short-term correction is expected towards $56000 today in the US trading session.

• The price is now trading above its pivot levels of $57314.

• A high relative strength (RSI) of 58.60 is a sign of overbought levels.

Bitcoin’s Rally Towards $60K Confirmed

BTCUSD price may also get into a consolidation phase below $57000 today in the US trading session. Bitcoin dips are well supported this week and the price remains above its classic support levels of $56454 and Fibonacci support levels of $56773. Now the price of bitcoin needs to clear the Woodie’s resistance level of $58029 after which the path towards $62000 will get cleared.

In the last 24hrs BTCUSD is up by +1.43% at +1057$ and has a 24hr trading volume of USD 40.167 billion.

Bitcoin Gaining Traction

There has been an increased demand for bitcoin from Central and Latin America after the adoption of bitcoin as legal tender by El Salvador. The increase in the number of peer to peer (P2P) transactions seen in both Central and Latin America is fueling the demand for bitcoin and its wide scale adoption and usage.

Bitcoin dips remain well supported with increased buying pressure seen above $54000. The demand for bitcoin remains at an all-time high on major cryptocurrency exchanges worldwide.

The Week Ahead

The price of BTCUSD is moving between the support level of $52000 and its major resistance level of $63500. Now, if the bull run continues, we will see BTCUSD printing at above $60000, but if the bearish correction starts, the prices will go down towards the $55000 handle.

Since the medium-term outlook remains bullish, we will see BTCUSD closing above $60000 this week and crossing the levels of $62000 in the opening of next week.

Technical Indicators:

Relative strength index (14-day): at 58.60 indicating a BUY

Bull/Bear power (13-day): at 419.85 indicating a BUY

Moving averages convergence divergence (12,26): at 248.30 indicating a BUY

StochRSI (9,6): at 98.69 indicating overbought levels.

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ETHUSD and LTCUSD Technical Analysis – 14th OCT, 2021

ETHUSD: Bullish Momentum Towards $4000

Ethereum has broken out of an important psychological resistance level of $3500 and is now moving in a strong bullish momentum towards the $4000 handle. ETHUSD touched an intraday high of $3662 in the European trading session today.

ETH is now trading above its pivot levels of $3628 and Camarilla resistance levels of $3633, with the price surging continuously and getting ready to break its classic resistance levels of $3654.

Ether is expected to maintain the bullish tone this week and continue towards the $4000 mark as the bulls take over. All the technical indicators are giving a BUY signal.

ETH is now moving above both the 100 hourly simple and exponential moving averages. Before touching the $4000 handle, a contraction in prices is expected this week.

• Ethereum is consolidating its gains with a firm bullish tone

• Short term to medium term outlook remains bullish for ETHUSD

• All the moving averages are giving a STRONG BUY signal

• The pair is expected to touch $3800 in the US trading session today

Ether Consolidating Its Gains

ETHUSD is forming an uptrend continuation pattern which signifies that a breakout could occur at any time, pushing the prices above the $4000 handle. At the start of the Asian trading session, volatility was low, but then the demand increased leading to the surge in the price.

ETH has gained 5.62% with a price change of +$193.78 in the past 24hrs and has a trading volume of 16.861 billion USD.

Ethereum For Investors

Ethereum is gaining more acceptance as an investment option for long-term appreciation, leading to  higher demand. The upside potential for Ethereum is higher than bitcoin in terms of percentage gains, the reason why many bitcoin investors are now turning to Ethereum.

ETHUSD was priced at $586 during the same period in October 2020, and with the current market prices of $3644, a gain of 621% is observed. Some crypto analysts have cited Ethereum as a better investment alternative to gold.

The Week Ahead

Ethereum buying pressure is increasing today. The prices could reach the $4000 mark this week. There is no visible contraction in the prices of Ether today, but in the coming days, we could see some short-term bearish corrections towards the $3500 level.

Ethereum midterm range is positive and any dips will remain as an attractive buying opportunity for long term traders.

This week, ETH is expected to close above $3900 level. The trend will most likely continue in the opening of next week.

Technical Indicators:

Relative strength index (14-day): at 66.41 indicating a BUY

Commodity channel index (14-day): at 70.69 indicating a BUY

Rate of price change: at 3.581 indicating a BUY

Moving averages convergence divergence (12,26): at 38.79 indicating a BUY

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GBP/USD Eyes More Upsides, USD/CAD Faces Hurdles

GBP/USD started a fresh increase from the 1.3400 support zone. USD/CAD is declining, and it is facing resistance near 1.2400.

Important Takeaways for GBP/USD and USD/CAD

• The British Pound found support above 1.3400 and started a fresh increase.

• There is a key bullish trend line forming with support near 1.3690 on the hourly chart of GBP/USD.

• USD/CAD started a major decline from well above the 1.2550 zone.

• There is a major bearish trend line forming with resistance near 1.2395 on the hourly chart.

GBP/USD Technical Analysis

After a major decline, the British Pound found support above 1.2400 against the US Dollar. GBP/USD traded as low as 1.3410 and recently started an upside correction.

The pair broke the 1.3500 resistance to move into a positive zone. There was a break above the 50% Fib retracement level of the downward move from the 1.3907 swing high to 1.3410 low. It is now trading above the 1.3650 level and the 50 hourly simple moving average.

GBP/USD Hourly Chart

GBP/USD is now consolidating above the 1.3680 level. The pair is also trading above the 61.8% Fib retracement level of the downward move from the 1.3907 swing high (formed on FXOpen) to 1.3410 low.

An immediate resistance is near the 1.3770 level. The first major resistance is near the 1.3800 level. If there is an upside break above the 1.3800 zone, the pair could rise towards 1.3900. The next key resistance could be 1.3920, above which the pair could gain strength.

On the downside, the first key support is near the 1.3680 area. There is also a key bullish trend line forming with support near 1.3690 on the hourly chart of GBP/USD.

If there is a break below 1.3680, the pair could decline extend its decline. The next key support is near the 1.3620 level. Any more losses might call for a test of the 1.3550 support.

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BTCUSD and XRPUSD Technical Analysis – 19th OCT, 2021

BTCUSD: Bitcoin Rally Towards $65k Confirmed

Bitcoin continues to consolidate its gains and has touched a 6-month high of $62,965 in the Asian trading session. Since the price of BTC has already crossed its major resistance levels of $62,232 today, we may see some consolidation in the levels towards sub $62,000 handle in the US trading session.

Bitcoin is trading above its both 100 hourly and 200 hourly moving averages. The rally in BTC continues with fresh buying support seen after it touched an intraday low of $61,100 today in the early Asian trading session.

Bitcoin is moving in a strong bullish momentum, and a fresh rally is expected to push its prices above the $65,000 handle this week.

The medium to long-term outlook for bitcoin remains bullish with immediate targets for today at $63,200.

• Bitcoin is holding above its major resistance levels of $58,462, indicating more upsides

• Consolidation in the prices is expected after touching a 6-month high towards $61,400 level

• The price is now trading above its classic support level of $61,860

• All the moving averages are giving a STRONG BUY signal at current market levels of $62,108

Bitcoin Consolidating Its Gains Above $60k

BTCUSD is gaining momentum. Its price continues to remain above the important psychological level of $60k. At the moment, the price of BTCUSD is facing a Fibonacci resistance level of $62,531, and Woodies resistance level of $62,798, after which the path towards $63,000 will be cleared.

In the last 24hrs, BTCUSD has risen UP by +0.83% / +825$ and has a 24hr trading volume of USD 39.152 billion.

Bitcoin Acceptance Increases

The global acceptance of bitcoin is growing. The number of BTC transactions continues to increase, which leads to its higher demand on cryptocurrency exchanges.

This year, residents of Brazil have bought 4 billion USD worth of crypto, including bitcoin. Brazil is expected to pass a bill to legalize bitcoin as legal tender.

Investments in bitcoin are expected to grow as well, with the listing of bitcoin exchange traded funds (ETFs). Some crypto analysts believe that bitcoin ETFs will allow billions of dollars managed by pension funds and other institutional investors to flow into bitcoin.

The Week Ahead

The price of BTCUSD is holding above $60,000, and after some consolidation, the bullish uptrend movement will start pushing its price above the $63,000 handle.

If the prices of BTCUSD continue to remain above the $63,000 mark this week, we may see a fresh rally towards $65,000 in the markets in the opening of the next week.

Both the medium- and long-term outlooks remain positive. Next week, we may witness BTC printing at above the $65,000 mark.

Technical Indicators:

Ultimate oscillator: at 58.88 indicating a BUY

Rate of price change (ROC): at 0.653 indicating a BUY

Moving averages convergence divergence (12,26): at 228.80 indicating a BUY

Relative strength index (14-day): at 55.39 indicating a BUY

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ETHUSD and LTCUSD Technical Analysis – 21st OCT, 2021

ETHUSD: Bullish Engulfing Pattern Above $4000

Ethereum is moving in a strong bullish momentum after clearing the psychological resistance level of $4000. The price of ETHUSD touched an intraday high of $4241 in the Asian trading session and is now preparing for its next rally towards the $5000 handle.

ETH is now trading above its pivot level of $4157 and Fibonacci resistance level of $4169. The price of Ethereum is surging continuously today and is about to break its classic resistance level of $4206.

Ether is expected to maintain the bullish tone this week and continue towards the $4500 mark as the bulls take over. All the major technical indicators are giving a BUY signal.

ETH is now moving above both the 100 hourly and 200 hourly simple moving averages. Bullish engulfing pattern above $4000 suggests that we could witness a fresh rally towards $5000 soon.

• Ethereum continues to remain above the psychological level of $4000

• Short-term to medium-term outlooks remain bullish for ETHUSD

• All the moving averages are giving a STRONG BUY signal

• The pair is expected to touch $4500 in the US trading session today

Ether’s Rally Towards $5000 Confirmed

ETHUSD is consolidating its gains above $4000 and is now preparing for its next upwards move against the US dollar. ETH is now facing its next major resistance levels of $4240 and $4320, after which the path towards $4500 will get cleared.

After surging above $4000, Ethereum’s volatility is low, suggesting that now investors are waiting to enter the market anticipating a major bullish move.

ETH has gained 8.79% with a price change of +$339.35 in the past 24hrs and has a trading volume of 24.516 billion USD.

Ethereum ETF

The total market capitalization of Ethereum continues to increase, and at present is valued at 455 billion USD. The investors are eagerly waiting for the launch of Ethereum ETF in the US markets, which would bring a larger number of investors into its domain.

Grayscale has announced its plans to launch an ETF based on Ethereum. At the moment, 4 Ethereum ETFs are trading in Canadian securities exchange, and plans are on to launch in the US market.

Some crypto analysts believe that with the Ethereum ETFs, more institutional investors will come in, leading to its higher demand and a surge in the price well above $6000.

The Week Ahead

Ethereum dips remain well supported, and an increased buying pressure is seen above the $4000 mark. The bullish trend continues from last week. Any bearish corrections will serve as a buying opportunity for long-term traders.

This week we may witness Ethereum touching the levels of $4500 — and then extending its rally towards the $5000 handle in the opening of the next week.

As the price of ETHUSD remains above its 100 hourly exponential moving average, a breakout above $4400 is expected this week.

Technical Indicators:

Average directional change (14-day): at 48.125 indicating a BUY

Bull/Bear power (13-day): at 47.63 indicating a BUY

Rate of price change: at 1.148 indicating a BUY

Moving averages convergence divergence (12,26): at 66.36 indicating a BUY

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GBP/USD and EUR/GBP Aim More Upsides

GBP/USD is eyeing an upside break above the 1.3820 resistance zone. EUR/GBP is rising and it could gain pace if it clears the 0.8465 resistance.

Important Takeaways for GBP/USD and EUR/GBP

• The British Pound was able to gain pace above the 1.3700 and 1.3750 resistance levels.

• There is a key rising channel forming with support near 1.3760 on the hourly chart of GBP/USD.

• EUR/GBP formed a support base above 0.8420 and started a fresh increase.

• There was a break above a major bearish trend line with resistance near 0.8440 on the hourly chart.

GBP/USD Technical Analysis

The British Pound started a major increase from the 1.3440 support zone against the US Dollar. The GBP/USD pair traded above the 1.3600 resistance zone to move into a positive zone.

The pair even broke the 1.3750 resistance zone and settled above the 50 hourly simple moving average. It even spiked above 1.3800 and traded as high as 1.3835. GBP/USD is now correcting gains and trading below 1.3800.

GBP/USD Hourly Chart

An immediate support is near the 1.3760 level. It is near the 23.6% Fib retracement level of the upward move from the 1.3413 swing low to 1.3835 high.

It is now consolidating near the 1.3780 level. There is also a key rising channel forming with support near 1.3760 on the hourly chart of GBP/USD. A downside break below the channel support might even push the pair below the 1.3700 support zone.

The next major support is near the 1.3650 level. The 50% Fib retracement level of the upward move from the 1.3413 swing low to 1.3835 high is also near the 1.3650 zone.

Any more downsides might call for a move towards the 1.3600 level. On the upside, the pair is facing resistance near 1.3820. If there is an upside break above the 1.3820 resistance, the price could surpass 1.3850.

The next main resistance is near the 1.3920 zone, above which the pair could rise towards the 1.4000 level in the near term.

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BTCUSD and XRPUSD Technical Analysis – 26th OCT, 2021

BTCUSD – Rising Uptrend Channel Above $60000

Bitcoin continues to consolidate its gains after touching an all-time high of $66967 last week. The price of bitcoin is now moving in a rising uptrend channel, indicating more upsides in the coming days.

Bitcoin is holding above the 100 hourly simple and exponential moving averages. The bearish correction that we saw last week after the price of BTC crossed $65000 seems to be well-supported above $60000.

Bitcoin has started its next leg of upward movement and is now expected to cross the 63500 handle in the US trading session today.

The short- to medium-term outlook for bitcoin remains bullish, and a rally is expected towards $65000 levels.

• Bitcoin recovered from its losses last week and is now trading above its support levels of $62061

• High relative strength index indicates a strong positive momentum in the short-term range

• The price is now trading above its pivot level of $62404

• All the moving averages are giving a STRONG BUY signal at current market level of $62972

Bitcoin Fresh Rally Towards $64000 Confirmed

BTCUSD is oscillating between 63271 and 62213, and needs to clear its immediate resistance levels of 63750. The price of BTCUSD has just cleared its Fibonacci resistance level of $62714 and classic resistance level of $62900 in the European trading session.

In the last 24hrs, BTCUSD has gone UP by +0.36% with the price change of +225$, and has a 24hr trading volume of USD 32.248 billion.

Bitcoin To Hit $80000 In 2021

The price of bitcoin has appreciated by more than 50% since last month. Bitcoin was trading at $41034 on 29th Sep, 2021, and with the current market price of $62850, we can see an appreciation of 53%. Many companies have been adopting bitcoin leading to a higher demand for BTC on the cryptocurrency exchanges worldwide.

Walmart is installing 200 bitcoin ATMs across the US. Bitcoin ETFs are gaining investor confidence. Twitter has enabled sending and receiving bitcoins via the Lightning network. Some crypto analysts say that the price of bitcoin will touch $80000 before the end of 2021.

The Week Ahead

The price of BTCUSD is holding above the important psychological level of $60000, and a positive momentum is observed in the short-term range. It is crucial for the price to hold above the $60000 handle for the next bitcoin rally towards $64000.

This week, BTCUSD is expected to cross 63500 and aim for upsides of 64000 to 64500. The short-term bearish correction phase seems to have ended, and the dips remain well-supported above 61000.

Both the medium-term and long-term outlook remain positive. Next week, we could witness BTC printing above the $64500 mark.

Technical Indicators:

Commodity channel index (14-day): at 28.51 indicating NEUTRAL

Average true range (14-day): indicating less volatility

Moving averages convergence divergence (12,26): at 190.30 indicating a BUY

Relative strength index (14-day): at 57.96 indicating a BUY

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