Bitcoin (BTC) Price Analysis: Gains Pared After 30000 Print – 18 October 2023

Bitcoin (BTC/USD) worked to extend recent advances early in the Asian session as the pair orbited the 28498.90 area, an upside price objective related to recent buying activity around the 25983.78 and 26522.02 levels.Traders pushed BTC/USD to the psychologically-important 30000 figure after Stops were elected above the 28769.19, 29151.68, and 29964.38 levels, upside price objectives related to upside activity around the 25983 and 26661 areas.Large 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.Additional areas of technical resistance and potential selling pressure include the 30053 and 30222 levels.Additional Stops are 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 the100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 27406.31 and the 50-bar MA (Hourly) at 27477.67.

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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