Bitcoin (BTC) Price Analysis: Moderation Continues Around 33819 – 28 October 2023

Bitcoin (BTC) Price Analysis: Moderation Continues Around 33819 – 28 October 2023

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to moderate and hovered around the 33819.78 area, a recent upside price objective related to buying pressure around the 26521 and 28083 levels. BTC/USD recently encountered renewed selling pressure around the 35144 area before downward activity slowed around the 33735 area. Stops were elected below the 34069.54 area during the depreciation, a downside price objective associated with selling activity around the 34843.04 level. Prior to the current moderation, Stops were recently elected above a series of upside price objectives including the 33819, 33755, 34826, and 35035 levels. Technically, the fresh multi-month high around the 35157 area represented a test of an upside price objective around the 35035 area that is related to recent upward activity around the 29328 and 32525 levels.

Additional upside price objectives include the 35718, 35982, 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 levels. Major Stops were also elected above the 34190.77 area during the appreciation, a previous downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels. Following the surge higher, areas of technical support and potential buying pressure include the 32992, 31652, 31238, 30570, 30028, and 29488 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 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 31701.17 and the 50-bar MA (Hourly) at 34331.29.

Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below.

Technical Resistance is expected around 36541.57/ 37239.15/ 38584.16 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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

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