Bitcoin Price Analysis: Bulls Smash Through 28029 – 6 October 2023

Bitcoin (BTC/USD) sustained increasing positive momentum early in the Asian session as the pair elected Stops above the 27941.54 area, an upside price objective related to buying pressure around the 25983 and 26661 areas.Larger Stops were elected above the 28029 area during the appreciation, an upside price objective related to earlier upside activity around the 24900 area.Bulls are focused on additional upside price objectives around the 28404, 28498, 28769, and 29151 levels.Areas of technical resistance and potential selling pressure include the 28614, 28769, 28934, 29228, 29665, 29964, 30053, and 30222 levels.Stops are cited above the 28614.25 level, a previous downside price objective related to selling pressure around the 30222 and 29665 levels.Further above the market, Stops are cited above the 30178 and 31862 areas.

Following the ongoing appreciation, areas of technical support and potential buying pressure include the 27298, 27194, 26988, 26756, 26604, 26318, and 25694 levels.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 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 indicating below the100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 27201.53 and the 100-bar MA (Hourly) at 27629.29.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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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.

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