Bitcoin (BTC) Price Analysis: Strong Advance to 30248 – 21 October 2023

Bitcoin (BTC) Price Analysis:  Strong Advance to 30248 – 21 October 2023

Bitcoin (BTC/USD) sought to retain strong advances early in the Asian session as the pair was lifted from the 28591.85 area and printed as high as the 30248 area, its strongest showing since late July and a test of the 76.4% retracement of the depreciating range from 31862.21 to 24900.   Stops were elected above the 29964.39 area during the rapid ascent, an upside price objective related to recent buying pressure around the 24900 area.  Related upside price objectives include the 30688 and 32476 levels.   Significant Stops were also elected above the 30127.80 area, an upside price objective related to historical buying pressure around the 15460 area.  Related upside price objectives include the 31674 and 32127 levels.

Following BTC/USD’s recent advances, areas of technical support and potential buying pressure include the 29746, 29436, 29368, 29185, 28934, 28824, 28577, 28384, and 27944 levels.  Below the market, Stops are cited below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.  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 50-bar MA (4-hourly) at 27718.51 and the 50-bar MA (Hourly) at 28644.97.

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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.                                   

Sally Ho’s Technical Analysis
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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.

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