Mon, Oct 03, 2022 @ 07:41 GMT
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Bitcoin back pressing 60k on strong open, aiming for new record

Bitcoin gapped higher as the week starts, breaking through last week’s high and it’s back pressing 60k handle. Recent up trend is still in progress and bitcoin could break through record high at 60726 any time soon.

Yet, we’d maintain that it has been losing upside momentum since February, as seen in 4 hour MACD. Also, current rise from 50320 is seen as the fifth leg of the terminal triangle that started 29283. Hence the break to new record high should be relatively brief, and a sizeable correction should follow.

Nevertheless, in case of a pull back, break of 55555 support is needed to confirm short term topping first. Otherwise, outlook will remain bullish and risk will stay on the upside.

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