Bitcoin Price Analysis: Cloudy Technical Outlook Confounds – 17 October 2023

Bitcoin Price Analysis:  Cloudy Technical Outlook Confounds – 17 October 2023

Bitcoin (BTC/USD) had a mixed technical outlook early in the Asian session as the pair continued to trade between recent buying pressure around the 24900 area and recent selling pressure around the 28613.37 area.   Price activity has recently hovered around the 26756.69 level, representing the 50% retracement of the recent appreciating range, with related retracement levels around the 26318, 25694, 27194, and 27737 areas.  Recent selling pressure around the 28613.37 and 28288.88 areas have bears focused on previous downside price objectives including the 27097, 27326, 27454, 27676, 27750, 27855, 27972, and 28034 areas.   Below the market, Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.  

Areas of technical resistance and potential selling pressure remain the 28934, 29228, 29665, 29964, 30053, and 30222 levels.  Further above the market, Stops are cited above the 30178 and 31862 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 26841.93 and the 100-bar MA (Hourly) at 26945.77.

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 Bearishly below 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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