Bitcoin Price Analysis: Moderating Below 27737 Technicals – 7 October 2023
Bitcoin (BTC/USD) continued to moderate early in the Asian session as the pair backed away from the 27737.01 area, representing the 23.6% retracement of the recent appreciating range from 24900 to 28613.37. Upside activity was recently capped around the 28140 area during a move higher and selling pressure intensified around the 27810 area, below the 61.8% retracement of the recent pullback from 28140 to 27358.05. Prior to moderating price activity, bulls were more focused on additional upside price objectives around the 28404, 28498, 28769, and 29151 levels. Areas of technical resistance and potential selling pressure remain the 28614, 28769, 28934, 29228, 29665, 29964, 30053, and 30222 levels. Stops are cited above the 28614.25 level, a previous downside price objective related to selling pressure around the 30222 and 29665 levels. Further above the market, Stops are cited above the 30178 and 31862 areas.
Following the ongoing appreciation, areas of technical support and potential buying pressure include the 27298, 27194, 26988, 26756, 26604, 26318, and 25694 levels. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 27342.23 and the 50-bar MA (Hourly) at 27608.49.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis
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.
Credit: Source link
