“Bitcoin’s price analysis reveals a compelling bounce from the $33,400 level, showcasing its resilience and potential for growth as it defies market expectations on October 29, 2023.”
Bitcoin (BTC/USD) experienced a slight upward movement in the Asian session, recovering from a low of 33400. This was a test of the 78.6% retracement of the range between 33000 and 35144. During the previous decline, stops were triggered below the 33737.64 area, which is a downside price objective associated with selling pressure around the 34843.04 area. Stops were also triggered above several upside price objectives, including the 33819, 33755, 34826, and 35035 levels.
Technically, the recent multi-month high around the 35157 area tested an upside price objective related to recent upward activity around the 29328 and 32525 levels. There are additional upside price objectives at the 35718, 35982, 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 levels. Following the surge higher, areas of technical support and potential buying pressure can be found at the 32992, 31652, 31238, 30570, 30028, and 29488 levels.
Traders are observing that the 50-bar MA (4-hourly) is bullish above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 32255.27 and the 100-bar MA (hourly) at 34182.03. Technical support is expected around 31238.97, 30028.62, and 28818.26, with stops expected below. Technical resistance is expected around 36541.57, 37239.15, and 38584.16, with stops expected above.
On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bullish above SlowD, and MACD is bullish above MACDAverage.
Sally Ho’s Technical Analysis can be viewed at the provided link. It is important to note that this analysis is provided by a third party and is for informational purposes only. It does not reflect the views of Crypto Daily and should not be used as legal, tax, investment, or financial advice.