Bitcoin Price Analysis: Regaining Some Rapidly Lost Advances – 29 September 2023
Bitcoin (BTC/USD) remained volatile early in the Asian session as the pair orbited the 26526 area during a recovery, a recent level where selling pressure intensified following downward activity around the 26731 area. Before the current recovery, BTC/USD launched higher to the 26830 area after Stops were elected above the 26652 area. BTC/USD then quickly sold off to the 26088 area before steadily retracing some recent losses higher. During the initial burst higher, Stops were also triggered above the 26502, 26625, and 26776 areas. Bearish technical risk has not disappeared and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.
Further below the market, Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas. Above current price activity, areas of technical resistance and potential selling pressure include the 26929, 27064, 27230, and 27255 levels. Three key levels that technicians continue 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 bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 26547.19 and the 200-bar MA (Hourly) at 26554.23.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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