Bitcoin (BTC) Price Analysis: Bulls Test 29896 in Rebound – 22 October 2023

Bitcoin (BTC/USD) maintained some positive momentum early in the Asian session as the pair continued to orbit the 29746.40 area, representing the 23.6% retracement of the recent appreciating range from 28122.57 to 30248.  During advances from the 29328.04 area, BTC/USD tested the 29788 and 29896 areas before retreating, right around the 50% and 61.8% retracements of the recent depreciating range from 30248 to 29328.04.   Stops were elected above the 29964.39 and 30127.80 areas during the recent rapid ascent, upside price objective related to buying activity around the 24900 and 15460 areas.  Related upside price objectives include the 30688, 31674, 32127, and 32476 levels. 

Following BTC/USD’s recent advances, areas of technical support and potential buying pressure include the 29185, 28934, 28824, 28577, 28384, and 27944 levels.  Below the market, Stops are cited below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 28122.57 and the 50-bar MA (Hourly) at 29329.77.

Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.

Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                   

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Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.