BTC UPDATE
Daily Market Overview and Thoughts: October 22
4H TF:
Bitcoin has entered a correction phase as predicted in recent reviews. After a potential bounce from the $67,200 volume level, selling pressure increased again around $67,950, pushing the price down to the lower boundary of the ascending channel. The RSI dropped below 50, increasing the chances of another downward impulse from current levels.
If Bitcoin breaks below the trading channel, the next support level will be around $65,700, which coincides with the upper boundary of the Ichimoku Cloud. Over the past week, the highest liquidity has accumulated around $66,500, according to CoinGlass. I expect Bitcoin to dip below this zone soon. The strength of the bounce from the $65,500 โ $65,700 support will provide insights into the asset's further movement.