Bitcoin Price Analysis: Steady After Testing 28302 – 9 October 2023

Bitcoin Price Analysis:  Steady After Testing 28302 – 9 October 2023

Bitcoin (BTC/USD) encountered improving momentum early in the Asian session as the pair orbited the 27992.79 area, representing the 23.6% retracement of the recent appreciating range from 25983.78 to 28613.37.   After trading as low as the 27173.41 area, BTC/USD surged higher to the 28888.88 area, representing a test of the 78.6% retracement of the depreciating range from 28613.37 to 27173.41.  Stops were elected above the 28614.25 level, a previous downside price objective related to selling pressure around the 30222 and 29665 levels.  Areas of technical resistance and potential selling pressure remain the 28934, 29228, 29665, 29964, 30053, and 30222 levels.  Following the ongoing appreciation, areas of technical support and potential buying pressure include the 26988, 26756, 26604, 26318, and 25694 levels.   

Further above the market, Stops are cited above the 30178 and 31862 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.   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 27509.23 and the 50-bar MA (Hourly) at 27751.41.

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 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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