Bitcoin (BTC) Price Analysis: Bears Spooked by 27% October Rally – 1 November 2023
Bitcoin (BTC/USD) is currently trading sideways around the 34272 area, which is the 50% retracement level of its recent price range. There has been selling pressure around the 34871 area, which was a target for buying pressure seen earlier around the 33000 and 33400 levels. The price broke through the 34770.78 area, triggering stops and indicating further upward movement. In October, BTC/USD saw gains of over 27% and is up by about 108% year-to-date. Major stops were also triggered above various upside price objectives, including the levels at 33819, 33755, 34826, and 35035.
In terms of technical analysis, the recent high at around 35157 tested an upside price objective related to previous upward activity. There are several additional upside price objectives to watch out for. On the other hand, there are areas of support and potential buying pressure at levels like 32992, 31652, and 31238. Technical indicators suggest bullish momentum, with the moving averages indicating positive trends.
The nearest key moving averages are at 33701.43 (4-hourly) and 34438.17 (hourly). Technical support is expected around levels like 31238.97 and technical resistance is expected around levels like 36541.57. On the charts, SlowK is bearish below SlowD on the 4-hourly chart while MACD is also bearish below MACDAverage. However, on the hourly chart, SlowK is bullish above SlowD and MACD is bullish above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Bears Spooked by Strong October Rally
The month of October saw Bitcoin (BTC) experience a remarkable rally, with gains exceeding 27%. This surge has spooked the bears who were expecting a downward movement. BTC/USD has been trading sideways recently, but the breaking of key resistance levels and the triggering of stops indicate further upward potential. Technical analysis suggests that there are several upside price objectives to watch out for, while areas of support and potential buying pressure have also been identified. The moving averages indicate bullish momentum, adding to the positive outlook for Bitcoin. Despite some bearish signals on the charts, overall market sentiment remains optimistic.
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