Sally Ho

Bitcoin (BTC) Price Analysis: Test of 30965 is Historic – 24 October 2023

Bitcoin (BTC) Price Analysis:  Test of 30965 is Historic – 24 October 2023

Bitcoin (BTC/USD) retained its positive upside bias early in the Asian session as the pair moderated after racing higher to the 30985.27 area, its strongest print since mid-July.  Strong bids emerged around the 29705.97 area during the recent appreciation and propelled BTC/USD above the 30965.48 area, a level associated with a relative historical low around the 3858 area.  Stops were elected above the 29964.39 and 30127.80 areas during the ongoing ascent, an upside price objective related to buying activity around the 24900 and 15460 areas.  BTC/USD also bounced higher after testing the 50-hour simple moving average.  Related upside price objectives include the 31674, 32127, and 32476 levels. 

Following BTC/USD’s recent advances, areas of technical support and potential buying pressure include the 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 bullishly indicating above 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 28740.87 and the 50-bar MA (Hourly) at 30018.93.

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 Bearishly below 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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