Bitcoin Price Analysis: Bears Seek Return Below 27194 – 8 October 2023
Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to moderate following a failure to sustain a break above the 27737 and 27992 levels, retracement levels related to the recent high print around the 28613.37 area. Stops were elected below the 27194.86 area during the depreciation, representing the 38.2% retracement of the appreciating range from 24900 to 28613.37. Additional downside retracement levels include the 26988, 26756, 26546, 26318, and 25694 areas. Recent upside progress had bulls 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 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 27338.97 and the 200-bar MA (Hourly) at 27313.91.
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 Bearishly below MACDAverage.
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