Analysis of the Bitcoin Price: Bulls Seeking Support Above 26933 by September 30, 2023.

News Desk5
1 Min Read

Bitcoin (BTC/USD) maintained some positive momentum early in the Asian session as the pair sought to sustain another break above the 27125.53 area, a previous downside price objective associated with selling pressure around the 31862 and 30222 levels.   Buying pressure strengthened around the 25983 area during a pullback, pushing BTC/USD as high as the 27313.86 area.  Above the market, areas of technical resistance and potential selling pressure include the 27559, 27701, 27936, 28029, 28189, 28306, and 28381 levels.   Bearish technical risk remains intact and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.

Further below the market, Stops are accruing 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 26562.41 and the 50-bar MA (Hourly) at 26688.93.

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 Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                   

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