The current correction in Bitcoin futures, (BTCV21) appears to have stabilized from the recent high of 52,600 and the low in BTC holding just above 40,000. The market is currently trading at 41,700 as of this post. In my opinion the potential of BTC range trading between 40000 to 49000 in the near term can be sustained in my opinion.
A break of 40000 however could potentially test 37000 and the potential of more governments accepting BTC could potentially retest the highs at 52000 again in my opinion. Recently For example, El Salvadore bought 150 more BTC September 20th and has around 550 BTC holdings. With El Salvador, Panama, Mexico, Ukraine, and Germany considering BTC as a tool for payments /remittance, if there is a BTC grab by those countries, I think there is potential to expect BTCV21 to retest the highs later in the 4th quarter.
Weekly Pivots BTCV21, (9/27-10/1)
2nd Resistance- 46,500
Pivot 43,100
1st Support 42,650
2nd Support 41,700
Trade Ideas
Futures-N/A
Risk/Reward
Futures-N/A
Peter Ori
peterori@walshtrading.com
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