Bitcoin (BTC) Price Analysis: Bulls Seeking to Build Above 28260 – 20 October 2023

Bitcoin (BTC/USD) retained some recent upward momentum early in the Asian session as the pair encountered buying pressure around the 28122.57 level, right around a recent relative high.  After recently launching higher to the psychologically-important 30000 figure, BTC/USD was weaker after testing the 50% retracement of the depreciating range from 30000 to 28083.19.  The pair’s short-term technical outlook remains clouded.   Recent upside activity around the 25983 and 26661 areas led to Stops being elected above the 28769.19, 29151.68, and 29964.38 levels.  Significant Stops were also elected above the 29514 area during the ascent, a significant technical level related to selling pressure around the all-time high of 69000.  Above the recent two-month high, areas of technical resistance and potential selling pressure include the 30053 and 30222 levels, with Stops cited above the 30178 and 31862 areas. 

Below the market, bears are focused on previous downside price objectives including the 27097, 27326, 27454, 27676, 27750, 27855, and 27972 areas.   Stops are cited below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.   Three significant technical levels that traders to monitor include the 29514, 23438, and 20195 levels, areas related to selling pressure around the 69000, 59249, and 52100 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 27604.53 and the 50-bar MA (Hourly) at 28397.19.

Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.

Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.                                   

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Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.