Bitcoin Price Analysis: Bears Seek Return Below 27194 – 8 October 2023
Bitcoin is currently seeking fresh technical guidance as it continues to moderate after failing to break above the levels of 27737 and 27992. These levels are related to the recent high print around 28613.37. During the depreciation, stops were triggered below the level of 27194.86, representing a retracement of 38.2% from the previous range. Further downside retracement levels include 26988, 26756, 26546, 26318, and 25694.
Bulls were previously focused on upside price objectives around 28404, 28498, 28769, and 29151. However, areas of technical resistance and potential selling pressure remain at levels such as 28614, 28769, 28934, 29228, and more. Stops are cited above the level of 28614.25, while further stops are expected above the levels of 30178 and 31862.
On the other hand, areas of technical support and potential buying pressure can be found at levels like 26988, 26756, 26604, and more. Stops are accumulating below downside price objectives including levels such as 24155 and 23270. Technicians are keeping an eye on significant levels like 29514 and monitoring indicators such as MA (moving average) on various timeframes.
The price activity is currently nearest to the MA levels on the hourly and four-hourly charts. Technical support is expected around certain levels with stops expected below them. Similarly, technical resistance is expected around other levels with stops expected above them. On the charts, SlowK is bearishly below SlowD while MACD is bearishly below MACDAverage.
Overall, Bitcoin’s price is currently in a moderate phase as it seeks further guidance. The market is influenced by both bullish and bearish factors, and traders are closely monitoring key levels and indicators to make informed decisions.
Hot Take: Bitcoin Seeks Direction Amidst Technical Factors
Bitcoin’s price continues to navigate various technical levels and face resistance and support areas. Traders are observing the movement of moving averages on different timeframes to gauge the market sentiment. While bulls had their eyes set on upside price objectives, bears are seeking a return below a key level. The overall price action and technical indicators suggest that Bitcoin is currently in a consolidation phase, awaiting further guidance. As the market evolves, it remains crucial for traders to stay updated with the latest technical analysis and monitor significant levels for potential buying or selling opportunities.
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