Bitcoin Price Analysis: 21016 Pressure Tested – 29 October 2022
Bitcoin (BTC/USD) sought additional technical guidance early in the Asian session as traders waited to see if the pair can gain additional upside gains ahead of the October month-end trading sessions. Traders recently drove BTC/USD higher to the 21022.81 area, representing a test of the 38.2% retracement of the depreciating range from 25214.57 to 18527. This move higher also represented a test of the 61.8% retracement of the narrower depreciating range from 22800 to 18131. Technically significant retracement levels related to selling pressure that intensified around the 22800 area include the 21698.12 and 21800.83 levels. Additional upside price objectives and areas of potential selling pressure include the 21574, 22433, 23496, 24577, and 25214 areas.
BTC/USD bears observe larger Stops accumulating below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 19622.91 and the 100-bar MA (Hourly) at 20039.95.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 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.