Bitcoin still has $14K target, warns trader as DXY due ‘parabola’ break

Bitcoin (BTC) held $20,000 into Oct. 5 with dealer targets nonetheless together with a contemporary excessive earlier than rejection.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

$21,000 upside goal to precede new lows

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD reaching $20,470 on Bitstamp in a single day earlier than returning decrease.

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The pair succeeded in sustaining the 2017 old all-time high as support, one thing on-chain analytics useful resource Materials Indicators had hoped would endure as a optimistic signal.

“BTC continues to be in a congested vary,” it summarized in feedback the day prior:

“The retest of technical resistance on the 50-Day MA was rejected. Now I need to see a retest of help on the 2017 High. Bulls could also be dropping momentum, however positioned a purchase wall at $20k to carry worth up.”

Materials Indicators was analyzing a chart of the Binance BTC/USD order guide exhibiting investor conduct involving different-sized transactions.

It referred to its 50-day shifting common (MA), which at $20,170 had nonetheless not flipped to decisive help on the day.

BTC/USD 1-day candle chart (Bitstamp) with 50MA. Supply: TradingView

Common dealer Il Capo of Crypto, in the meantime, continued an extant thesis involving a visit to $21,000 earlier than a steeper extra enduring comedown.

“Native prime isn’t in but imo, nevertheless it’s very very shut,” he told Twitter followers:

“20500-21000 hasn’t been touched and there’s no ltf distribution. Anticipating the final leg up quickly. Then ltf bearish indicators, and reversal to new lows (14k-16k).”

BTC/USD annotated chart. Supply: Il Capo of Crypto/ Twitter

Indicators of fine instances ending for U.S. greenback

Turning to the USA greenback index (DXY), a key macro set off for crypto markets, there was some aid on the horizon.

Associated: BTC price still not at ‘max pain’ — 5 things to know in Bitcoin this week

A contemporary 20-year high was nonetheless due, based on Il Capo of Crypto, however this may be adopted by a longer-term break of the “parabola” in place on greenback energy since 2021.

“We might see a push deeper into the field giving BTC/SPX extra time to rally,” fellow dealer Mayne explained in an accompanying thread, additionally mentioning the S&P 500.

“If this space fails, we might see a break within the greenback’s parabolic ascent and maybe a for much longer sustained rally.”

DXY circled 110.6 factors on the time of writing, having narrowly preserved 110 as help — nonetheless marking its lowest ranges since Sept. 21.

U.S. greenback index (DXY) 1-day candle chart. Supply: TradingView

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes threat, you need to conduct your personal analysis when making a call.