Technical Analysis – BTCUSD consolidates above 200-day SMA
October 19, 2023 2:26 pm
BTCUSD reclaims crucial 200-day SMA, posting 2-month high
Trades flat in the past few daily sessions
Momentum indicators are heavily tilted to the bullish side
BTCUSD (Bitcoin) had been forming a structure of higher highs and higher lows since its bounce off the September bottom of 24,915. Moreover, the price jumped above the 200-day simple moving average (SMA) after several failed attempts, but this bullish outbreak failed to trigger a rally.
If the bulls keep applying upside pressures, the price could initially test the recent two-month high of 28,985. Even higher, the crucial 30,000 psychological mark could curb further advances. A jump above that zone may pave the way for the April peak of 31,064.
On the flipside, bearish actions could send the price lower to test the 200-day SMA, currently at 28,000. Piercing through that floor, the digital coin may descend towards the October low of 26,500 ahead of the September support of 25,980. Should that barricade fail, the September bottom of 24,915 could provide downside protection.
Overall, BTCUSD has been in a steady advance in the past month, reaching a two-month peak on Wednesday. However, traders should be cautious as the price seems to be approaching overbought conditions.
BTCUSD reclaims crucial 200-day SMA, posting 2-month high
Trades flat in the past few daily sessions
Momentum indicators are heavily tilted to the bullish side
BTCUSD (Bitcoin) had been forming a structure of higher highs and higher lows since its bounce off the September bottom of 24,915. Moreover, the price jumped above the 200-day simple moving average (SMA) after several failed attempts, but this bullish outbreak failed to trigger a rally.
If the bulls keep applying upside pressures, the price could initially test the recent two-month high of 28,985. Even higher, the crucial 30,000 psychological mark could curb further advances. A jump above that zone may pave the way for the April peak of 31,064.
On the flipside, bearish actions could send the price lower to test the 200-day SMA, currently at 28,000. Piercing through that floor, the digital coin may descend towards the October low of 26,500 ahead of the September support of 25,980. Should that barricade fail, the September bottom of 24,915 could provide downside protection.
Overall, BTCUSD has been in a steady advance in the past month, reaching a two-month peak on Wednesday. However, traders should be cautious as the price seems to be approaching overbought conditions.
Related Posts: