Bitcoin Price Analysis: Bulls Eyeing Return to 29514 – 24 September 2023

Bitcoin (BTC/USD) awaited greater technical clarity early in the Asian session as the pair continued to orbit the 27000 figure and trade around technical levels related to recent selling pressure around the 30222 and 28184 levels.  Major Stops were recently elected below the 25298.02 area during the depreciation to the 24900 level as bears tested bids leading to the 24197.68 area, a major downside price objective related to selling pressure around the 31862 and 30222 levels.  Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas. 

Above current price activity, areas of technical resistance and potential selling pressure include the 26795, 26929, 27064, 27230, and 27255 levels.   Three key levels that technicians continue to monitor include the 29514, 23438, and 20195 levels, areas related to selling pressure around the 69000, 59249, and 52100 levels.  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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 26745.11 and the 200-bar MA (Hourly) at 26730.73.

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 Bearishly below MACDAverage.

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

Sally Ho’s Technical Analysis
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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.