Bitcoin (BTC) Price Analysis: Murky Short-Term Technical Outlook – 19 October 2023
The post Bitcoin (BTC) Price Analysis: Murky Short-Term Technical Outlook – 19 October 2023 appeared on BitcoinEthereumNews.com. Bitcoin (BTC) Price Analysis: Murky Short-Term Technical Outlook – 19 October 2023 Bitcoin (BTC/USD) lacked a clear technical conviction early in the Asian session as the pair reversed course and depreciated after racing higher to the 28999.98 level from the 28331 area, representing a test of the 50% retracement of the recent depreciating range from 30000 to 28083.19. Stops were recently elected above the 28769.19, 29151.68, and 29964.38 levels, upside price objectives related to upside activity around the 25983 and 26661 areas. Major Stops were also elected above the 29514 area during the ascent, a significant technical level related to selling pressure around the all-time high of 69000. Above the recent two-month high, areas of technical resistance and potential selling pressure include the 30053 and 30222 levels, with Stops cited above the 30178 and 31862 areas. Below the market, bears are focused on previous downside price objectives including the 27097, 27326, 27454, 27676, 27750, 27855, 27972, and 28034 areas. Stops are cited below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas. Three significant technical 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 bearishly indicating below 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 100-bar MA (4-hourly) at 27540.63 and the 50-bar MA (Hourly) at 28385.37. 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage. On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage. Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis Disclaimer: Sally Ho’s Technical Analysis is provided by a third…
The post Bitcoin (BTC) Price Analysis: Murky Short-Term Technical Outlook – 19 October 2023 appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) Price Analysis: Murky Short-Term Technical Outlook – 19 October 2023 Bitcoin (BTC/USD) lacked a clear technical conviction early in the Asian session as the pair reversed course and depreciated after racing higher to the 28999.98 level from the 28331 area, representing a test of the 50% retracement of the recent depreciating range from 30000 to 28083.19. Stops were recently elected above the 28769.19, 29151.68, and 29964.38 levels, upside price objectives related to upside activity around the 25983 and 26661 areas. Major Stops were also elected above the 29514 area during the ascent, a significant technical level related to selling pressure around the all-time high of 69000. Above the recent two-month high, areas of technical resistance and potential selling pressure include the 30053 and 30222 levels, with Stops cited above the 30178 and 31862 areas. Below the market, bears are focused on previous downside price objectives including the 27097, 27326, 27454, 27676, 27750, 27855, 27972, and 28034 areas. Stops are cited below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas. Three significant technical 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 bearishly indicating below 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 100-bar MA (4-hourly) at 27540.63 and the 50-bar MA (Hourly) at 28385.37. 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage. On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage. Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis Disclaimer: Sally Ho’s Technical Analysis is provided by a third…
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