Bitcoin Price Analysis: Consolidation of 2023’s Gains Continues – 25 September 2023
Bitcoin is seeking new technical guidance in the Asian session as it trades around the 26585 level. This level is associated with recent selling pressure around the 30222 and 28184 levels. While the 200-bar, 4-hour simple moving average has provided support, struggles below the 200-hour simple moving average could lead to further downward pressure.
Major stops were recently triggered below the 25298.02 area, testing bids above the 24197.68 area. Downside price objectives include the areas of 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702. On the other hand, areas of technical resistance and potential selling pressure can be found at levels of 26795, 26929, 27064, 27230, and 27255.
Technicians are closely monitoring three key levels: 29514, 23438, and 20195. These levels are related to selling pressure around the levels of 69000, 59249, and 52100. The current indicators show that the 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on an hourly basis, the 50-bar MA is below the 100-bar MA but still above the 200-bar MA.
The nearest price activity is around the 50-bar MA (4-hourly) at 26745.07 and the 200-bar MA (hourly) at 26734.17. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is above SlowD while MACD is below MACDAverage. On the 60-minute chart, SlowK is below SlowD while MACD is above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin’s Consolidation Continues Amidst Selling Pressure
The price of Bitcoin continues to consolidate around the 26585 level as it faces selling pressure from recent levels of 30222 and 28184. While there is technical support from the 200-bar moving average, struggles below the 200-hour moving average could lead to further downward pressure.
Traders are closely watching key levels such as 29514, 23438, and 20195 that are associated with selling pressure around higher levels like 69000, 59249, and 52100. The current indicators suggest a bullish trend on the 4-hourly chart but a bearish trend on the hourly chart.
Overall, Bitcoin’s price movement will be influenced by its ability to break through resistance levels at 26795, 26929, 27064, 27230, and 27255 or find support at levels like 24440.41 and 23270.10. Traders should pay attention to SlowK and MACD indicators for further insights into market trends.
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