Bitcoin Price Analysis: Magnetic Technical Draw of 26677 – 23 September 2023

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to trade around the 26677.10 area, a downside price objective that was easily absorbed following selling pressure that mounted around the 27393 and 27240 areas.  After recently trading as low as the 26359.70 area, BTC/USD appreciated to the 26742.86 area and tested a downside price objective linked to recent selling pressure around the 27304 and 27108 areas.  Bids later emerged around the 26550 area, right around a downside price objective linked to selling pressure around the 27108 and 26795 levels. 

Below price activity, Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area.  Large Stops are cited below the 26286 and 25668 areas.   Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas.  Above current price activity, areas of technical resistance and potential selling pressure include the 26795, 26929, 27064, 27230, and 27255 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 26746.43 and the 200-bar MA (Hourly) at 26729.27.

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.