Bitcoin Price Analysis: Moderating After 27460 High Print – 20 September 2023
Bitcoin (BTC/USD) maintained some positive upward momentum early in the Asian session as the pair moderated after trading as high as the 27460.95 area, its strongest print since late August.Stops were elected above the 26917.36 and 27393.46 areas during the ongoing appreciation, upside price objectives related to buying pressure that strengthened around the 24900 and 25763.43 levels.Additional related price objectives include the 27982.53 and 28934.72 areas, above which Stops are cited.The appreciationaccelerated when Stops were elected above the 27099.76 area, a previous downside retracement level linked to selling pressure around the 28184.89 and 27576.99 levels, and Stops are cited above a related retracement level around the 27576.99 area.
Following the upside gains, areas of technical support and potential buying pressure include the 26830.89, 26461.90, 26163.67, 25865.44, and 25440.85 levels.Below price activity, Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area.Additional price objectivesbelow the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas.Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly).Also, the 50-bar MA (hourly) is bullishly indicatingabove the100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 26500.79 and the 50-bar MA (Hourly) at 26800.27.
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 Bullishly above MACDAverage.
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