Bitcoin Price Analysis: Advance to New Monthly High – 19 September 2023

Bitcoin (BTC/USD) worked to retain upside advances early in the Asian session as the pair moved back above the 27400 level after Stops were elected above the 26917.36 and 27393.46 areas, 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 appreciation accelerated 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. 

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 objectives below 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 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 26573.69 and the 50-bar MA (Hourly) at 26624.71.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                   

Sally Ho’s Technical Analysis
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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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