FX.co ★ #Bitcoin chart analysis

Hello everyone! Bitcoin, on a global scale, has switched to an uptrend on the theme of the upcoming halving. And therefore, it is worth sticking to a long-only trading strategy. After the weak US jobs report BTC has every chance of making new local highs. Unemployment is rising , and employment is falling. Under such circumstances, the Fed will not raise the rate for the rest of the year. And if it weren't for the upcoming November elections in the US, one could safely position long for a Christmas rally. Additional support comes from institutional demand: US spot-Bitcoin ETFs received $134,4 mln in the first two trading days of October, after $2,65 bn net inflows in September. Plans to return USDT to the Bitcoin blockchain, can also be considered a positive development. Miners need fees, since each halving cuts the reward per mined block - in half. The main event of the week — ISM Services October 5; the market's reference point is around 55. A strong result could lift yields and bring back pressure on BTC. On October 7 the minutes of the September Fed meeting will be released — the market will look for signs of further rate hikes. Nearest resistance — $87 000–87 400, next — $88 000. Main target — $88 000, alternative — $90 000–91 000. Nearest support — $84 500, next — $82 700–83 000. A close below $82 700 would invalidate the bullish scenario and open the way to a deeper correction.