Bitcoin Price Analysis: Orbiting 26585 – 18 September 2023
Bitcoin (BTC/USD) experienced a slight bid early in the Asian session as the pair continued to orbit the 26585.66 level after testing the 26917.36 area, an upside price objective associated with recent appreciating activity around the 24900 and 25763.43 areas. The 26585 area represents a downside price objective linked to recent depreciating activity around the 30222 and 28184.89 areas. Traders have recently found a bid above the 50-bar, 12-hour simple moving average but have been unable to sustain a test and break above the 200-bar, 4-hour simple moving average. Traders recently pushed BTC/USD as low as the 24900 area after Stops were elected below a related downside price objective around the 25106.61 area, but bears failed to sustain the downward break.
A sustained break below the 25462.40 level will elevate bearish pressure as it is another downward price objective corresponding to significant recent selling pressure around the 28184.89 area. Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area. Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas. Technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels. Some Stops are cited above the 27099 and 27576 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 200-bar MA (4-hourly) at 26650.66 and the 50-bar MA (Hourly) at 26530.23.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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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