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

October 8, 2023
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Bitcoin Price Analysis: Steady After Testing $28,302 – 9 October 2023

Bitcoin (BTC/USD) Sees Positive Momentum in Asian Session

Bitcoin (BTC/USD) witnessed a resurgence of positive momentum during the early hours of the Asian trading session. The pair predominantly revolved around the $27,992.79 area, marking a significant 23.6% retracement of its recent uptrend, which spanned from $25,983.78 to $28,613.37.

Bitcoin’s Ascending Path

After dipping to as low as $27,173.41, BTC/USD made an impressive upward surge, reaching the $28,888.88 region. This marked a significant test of the 78.6% retracement level when considering the previous downward move from $28,613.37 to $27,173.41.

Key Price Levels

This upward move triggered stop orders above the $28,614.25 level, which had previously served as a downside price target associated with selling pressure around the $30,222 and $29,665 levels. Notably, several technical resistance levels and potential zones of selling pressure are still in play. These include the $28,934, $29,228, $29,665, $29,964, $30,053, and $30,222 levels.

Support and Buying Zones

As Bitcoin’s rally continues, it’s essential to identify areas of technical support and potential buying pressure. Key levels to watch include $26,988, $26,756, $26,604, $26,318, and $25,694.

Further Upside Potential

Looking further up the price ladder, there are stops placed above the $30,178 and $31,862 regions, indicating potential resistance levels on the bullish path.

Downside Considerations

On the flip side, traders should be aware of stops accumulating below certain downside price objectives. These objectives encompass the $24,155, $23,270, $23,204, $23,164, $22,949, $22,028, $21,496, $21,242, and $20,702 levels.

Critical Technical Levels

In the world of Bitcoin trading, there are three pivotal technical levels that analysts continue to keep a close eye on. These levels correspond to historical selling pressure points and include the $29,514, $23,438, and $20,195 levels. They are intrinsically tied to significant price actions around the $69,000, $59,249, and $52,100 levels, respectively.

Moving Averages Paint a Bullish Picture

From a technical standpoint, the 50-bar moving average (MA) on the 4-hour chart has moved bullishly above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Additionally, the 50-bar MA on the hourly chart is also indicating a bullish sentiment, positioned above both the 100-bar MA (hourly) and the 200-bar MA (hourly).

Current Price Activity

Presently, Bitcoin’s price activity hovers closest to the 50-bar MA (4-hourly) at $27,509.23 and the 50-bar MA (hourly) at $27,751.41.

Support and Resistance Levels

Traders should anticipate technical support at levels approximately around $24,440.41, $23,270.10, and $22,769.39, with associated stop orders residing below these levels.

Conversely, potential technical resistance may materialize around $31,986.16, $32,989.19, and $34,658.69, with corresponding stops anticipated above these price points.

Oscillators Provide Insights

Analyzing the 4-hour chart, we observe that the SlowK indicator is bullish and positioned above SlowD, while the MACD indicator also maintains a bullish stance above the MACD average.

On the 60-minute chart, the SlowK indicator is bearish and positioned below SlowD, accompanied by a bearish MACD below the MACD average.

Conclusion

In conclusion, Bitcoin demonstrates an interesting mix of technical signals. While the longer-term outlook appears bullish with the moving averages indicating a positive trajectory, short-term oscillators signal a bit of caution.

Please note that this analysis by Sally Ho is provided by a third party and is purely for informational purposes. It does not necessarily reflect the views of Crypto Daily, nor should it be considered as legal, tax, investment, or financial advice.

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