BTC price analysis, 10.17.2021

BTC-USDT, daily chart

Price action: the price has been extremely bullish in this week: there was no retracement, bulls costantly pushed up the price with force above the 58k level. Price hit the 62k, about at -5% from the ATH. The FOMO given by the ETF announcement wiped all the bears out. At this point, the most reasoning position to take is at the breakout of the 65k level, and moving the stop loss from 58k level to the low of each daily candle (trailing stop loss). Obviously, if a retracement would occur, the first buy zone is approximately at 58k.

RSI indicator: the RSI line continues to stay above the overbought zone, that is a dangerous zone to take a long position. The RSI line is confirming equal highs.

Volume analysis: volumes are breaking through the medium value, so all the attention of traders is focused on this market (at the expense of the altcoins).

BTC-USDT, weekly chart

On the weekly, the chart is extremely bullish closing up the 60k. However, i think a retracement could occur this week because of the huge distance from the first big support at 52k and from the EMAs. It would be a sign of a more healthy market.

Recap: only a few options here: trade at the breakout of 65k or wait for a retracement on the first liquidity zone at 58k.