Bitcoin Price Analysis: Bearish Failure at 27724 Again – 11 October 2023

Bitcoin Price Analysis:Bearish Failure at 27724 Again – 11 October 2023

Bitcoin (BTC/USD) retained a negative bias early in the Asian session as the pair reversed course after trading as high as the 27739.94 area, representing a failure to sustain a short-lived break above the 50% retracement of the recent appreciating range from 27160.47 to 28288.88.Buying activity had lifted BTC/USD from around the 27268 area but the risk of a return to this area emerged when BTC/USD moved back below the 27503 level, representing the 23.6% retracement of the broad depreciating range from 28613.37 to 27160.47.Traders are carefully monitoring significant technical levels around the 27194, 26988, 26756, 26546, and 26318 levels as downside risks expand.Below the market, Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.

Areas of technical resistance and potential selling pressure remain the 28934, 29228, 29665, 29964, 30053, and 30222 levels.Further above the market, Stops are cited above the 30178 and 31862 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 below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 27157.47 and the 50-bar MA (Hourly) at 27706.93.

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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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