Bitcoin Price Analysis: 26988 Technical Support Tested After Stops Elected – 12 October 2023
Bitcoin (BTC/USD) encountered additional bearish pressure early in the Asian session as the pair continued to establish lower highs and lower lows, an indication of technical weakness.Selling pressure drove BTC/USD as low as the 26963.65 area, temporarily trading below the 61.8% retracement of the recent appreciating range from 25983.78 to 28613.37.Stops were elected below the 27097.06 and 27029.82 areas during the depreciation, downside price objectives associated with recent selling pressure around the 28288.88 level.Additional downside price objectives include the 26732, 26365, and 25770 levels.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 the100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 27194.63 and the 50-bar MA (Hourly) at 27429.11.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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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.
