Bitcoin (BTC) Price Analysis: Moderation Continues Around 33819 – 28 October 2023
If you’re following Bitcoin’s price movements, you may have noticed that it has been moderating and hovering around the 33819.78 area. This comes after encountering selling pressure around the 35144 area, which slowed down around 33735. Stops were triggered below 34069.54 during this downward movement.
Prior to this moderation, Bitcoin experienced an upward trend, with stops being elected above several upside price objectives. The recent high of around 35157 tested an upside price objective related to previous upward activity.
Looking ahead, there are several upside price objectives to consider, including levels such as 35718, 35982, and 36115. On the other hand, areas of support and potential buying pressure can be found at levels like 32992 and 31652.
Technical Indicators
Traders have observed that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same bullish indication is seen on the hourly chart as well.
The current price activity is closest to the 50-bar MA (4-hourly) at 31701.17 and the 50-bar MA (hourly) at 34331.29.
Support and Resistance Levels
In terms of technical support, traders expect it to be around levels like 31238.97, 30028.62, and 28818.26 with stops anticipated below these levels. On the other hand, resistance is expected at levels like 36541.57, 37239.15, and 38584.16 with stops expected above.
Technical Analysis
In the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage. However, in the 60-minute chart, SlowK is bullishly above SlowD, and MACD is bullishly above MACDAverage.
If you’re interested in more detailed analysis, you can check out Sally Ho’s Technical Analysis for yesterday’s trading analysis.
Hot Take: Bitcoin’s Moderation Indicates Stability Amidst Selling Pressure
Bitcoin’s recent moderation and resistance against selling pressure around the 33819.78 area show signs of stability in the market. Despite encountering downward activity and stops being triggered below certain levels, Bitcoin has managed to maintain its position.
Traders are closely watching the technical indicators, which suggest bullishness in both the 4-hourly and hourly charts. This indicates a positive outlook for Bitcoin’s price movement.
With support levels identified and upside price objectives to consider, Bitcoin continues to attract attention from investors and traders alike. The market remains dynamic, and it will be interesting to see how Bitcoin performs in the coming days.
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