Sally Ho

Bitcoin Price Analysis: Bulls Absorb Stops Above 28404 – 3 October 2023

Bitcoin Price Analysis:  Bulls Absorb Stops Above 28404 – 3 October 2023

Bitcoin (BTC/USD) encountered additional positive momentum early in the Asian session as the pair reached its strongest level since mid-August, peaking around the 28415.49 area.  Stops were elected above many levels during the appreciation including the 27432, 27567, 27620, 27806, 27941, 28029, 28234, and 28404 areas.  Additional upside price objectives include the 28769, 29151, and 29964 levels.  Areas of technical resistance and potential selling pressure include the 28614, 28769, 28934, 29228, 29665, 29964, 30053, and 30222 levels.  Stops are cited above the 30178 and 31862 areas. 

Following the ongoing appreciation, areas of technical support and potential buying pressure include the 27649, 27538, 27241, 27124, 26944, 26699, 26577, 26522, 26274, 25749, and 25670 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.   Three significant technical 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 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 26763.17 and the 50-bar MA (Hourly) at 27433.29.

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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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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