BTC analysis for October 26,.2021 - Potential for drop towards $61.720

Technical Analysis:

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BTC has been trading downside in last few hours and I see that there is the breakout of the well defined rising channel in the background, which is good sign for the potential downside movement.


Trading recommendation:
Due to the breakout of the rising channel and the lower highs in past 24 hours, I see potential for fuhrer drop.

Watch for selling opportunities with the downside targets at $61,720 and $59,755

There is fresh bear cross on the oscillator, which is another confirmation for the downside movement.

Key resistance is set at $63,700




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Petar Jacimovic
Analytical expert of InstaForex
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