Bitcoin Price Analysis: BTC Lost 3.1% Last Month - 2 October 2022
Bitcoin (BTC/USD) traded in a sideways manner early in the Asian session as the pair continued to orbit the 19492.25 level, representing the 78.6% retracement of the appreciating range from 17934.26 to 25214.57. Technical resistance recently emerged around the 20182.72 area during the pair’s ascent, representing a test of the 61.8% retracement of the narrower appreciating range from 18527 to 22800. Upside retracement levels in recent depreciating ranges include the 20476, 21024, 21703, and 21805 areas. Following recent selling pressure, BTC/USD bears are eyeing a greater risk of a test of the 17567.45 low reached in June. Following the recent sharp decline, the 20433 area has emerged as an area of consistent technical resistance and is technically related to selling pressure that commenced around the all-time high of 69000.
Below current price activity, traders continue to anticipate large Stops below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 areas. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Above recent price activity, upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. Additional upside price objectives and areas of potential selling pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 19426.18 and the 50-bar MA (Hourly) at 19454.43.
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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Source-https://in.investing.com/analysis/markets/cryptocurrency
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https://in.investing.com/analysis/markets/cryptocurrency
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