Bitcoin Price Analysis:Bearish Technical Bias Intact – 14 October 2023
Bitcoin (BTC/USD)extended its bearishshort-term biasearly in the Asiansession as the pair continued to orbitthe 200-bar, 4-hour simple moving averagefollowing a low printaround the 26521.32area, representing a testof the 78.6% retracementof the appreciating rangefrom 25983.78to 28613.37.Stopswere recently elected belowthe 27097.06and 27029.82areas during the ongoing depreciation, downside price objectivesassociated with recent selling pressurearound the 28288.88 level.Additional downside price objectivesinclude the 26365and 25770 levels.Below the market, Stopsare accruing belowsome downside price objectivesincluding the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702areas.
Areas of technical resistanceand potential selling pressureremain the 28934, 29228, 29665, 29964, 30053, and 30222 levels.Further above the market, Stopsare cited abovethe 30178and 31862areas.Three significanttechnical levelsthat technicians continue to monitor include the 29514, 23438, and 20195 levels, areas related to selling pressurearound 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 indicatingbelow the100-bar MA (hourly)and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA(4-hourly) at 26813.23 and the 50-bar MA(Hourly) at 26805.97.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stopsexpected below.
Technical Resistanceis expected around 31986.16/ 32989.19/ 34658.69 with Stopsexpected above.
On 4-Hourlychart, SlowK isBullishly above SlowDwhile MACDis Bullishly above MACDAverage.
On 60-minutechart, SlowKis Bearishly below SlowDwhile MACDis 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.
