Bitcoin Price Analysis: Regaining Some Rapidly Lost Advances – 29 September 2023
The price of Bitcoin (BTC/USD) has been volatile in the Asian session, hovering around the 26526 area during a recovery. This area saw increased selling pressure after a downward movement near the 26731 area. BTC/USD initially surged to the 26830 area before dropping to 26088. However, it has since retraced some of its losses.
During the initial surge, several stops were triggered above the 26502, 26625, and 26776 areas. Despite this recovery, bearish technical risk remains, and there could be further downside towards price objectives at levels such as 25815, 25775, and 25668.
Below the current market price, stops are accumulating at downside price objectives including the 24155, 23270, and 23204 areas. On the other hand, technical resistance and potential selling pressure can be expected at levels like 26929, 27064, and 27230.
Traders are closely watching three key levels: 29514, 23438, and 20195. These levels are related to previous selling pressure at levels around 69000, 59249, and 52100.
Technical indicators show that the 50-bar MA (4-hourly) is indicating bullishness above both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on the hourly chart, the 50-bar MA is indicating bearishness below the 200-bar MA but above the 100-bar MA.
The current price is closest to the 50-bar MA (4-hourly) at $26547.19 and the 200-bar MA (hourly) at $26554.23.
Technical support is expected around $24440.41, $23270.10, and $22769.39 with stops anticipated below these levels. On the other hand, technical resistance is expected around $31986.16, $32989.19, and $34658.69 with stops anticipated above.
In the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bullish above MACDAverage. In the 60-minute chart, SlowK is bullish above SlowD, and MACD is bullish above MACDAverage.
For more detailed technical analysis by Sally Ho, view yesterday’s trading analysis here.
Hot Take: Bitcoin Makes a Recovery Amidst Volatility
Bitcoin has experienced a turbulent period in the Asian session as it attempts to recover lost ground. The cryptocurrency initially surged but faced strong selling pressure at higher levels. However, it has managed to retrace some of its losses.
Despite this recovery, there are still bearish risks that could result in further downside movement. Traders are closely monitoring key levels and technical indicators to gauge the market’s direction.
The current price position in relation to moving averages suggests mixed signals for short-term traders. Technical support and resistance levels provide important thresholds for potential buying and selling pressure.
Overall, Bitcoin’s price action remains volatile and uncertain in the short term. Traders must exercise caution and closely analyze technical indicators and key levels before making any trading decisions.
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