Bitcoin Price Analysis: Bulls Seek Support Above 26834 – 2 October 2023

Bitcoin Price Analysis:  Bulls Seek Support Above 26834 – 2 October 2023

Bitcoin (BTC/USD) maintained some positive momentum early in the Asian session as the pair sought to add to recent gains above the 26834.59 level, an upside price objective related to recent buying pressure around the 24900 and 25983.78 levels.   Technical support that recently emerged around the 26661 area during a pullback established the 27567, 27941, 28404, and 29151 areas as upside price objectives.  Above the market, areas of technical resistance and potential selling pressure include the 27559, 27701, 27936, 28029, 28189, 28306, and 28381 levels.   Bearish technical risk remains intact 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.   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 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 26619.21 and the 50-bar MA (Hourly) at 26967.43.

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.                                   

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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