Bitcoin Price Analysis: BTC Peaks Above 21,000 – October 31, 2022

BTC/USD peaks above 21000: Sally Ho’s technical analysis – 31 October 2022

Bitcoin (BTC/USD) maintained positive upside momentum early in the Asian session as the pair attempted to reclaim the psychologically important 21,000 figure after peaking recently around the 21,080 area, its strongest since mid-September Strong printing. The move represents a test of the 61.8% retracement of the 22800 to 18131 depreciation range and opens a possible test of other relevant retracement areas around the 21698 and 21800 levels. Traders continue to focus on price activity near the 20836.92 area, which is the 38.2% retracement of the broader depreciation range from 25214.57 to 18131. Other retracements within this depreciation range include the 21672, 22508, 23542 and 23698 areas. With the recent upward progression, buying pressure and technical support areas are expected around the 20509, 20055, 19600 and 18954 areas, with stops likely below.

BTC/USD bears observe wider stops below the 17803, 17701, 16966 and 16503 areas, important technical levels associated with historical upside pressure near the 3858 and 9819 levels. Other important technical areas to the downside include the 16990.14, 14500.15 and 10432.73 areas. Stop loss is up below the 19711 and 19355 areas. Traders observed a bullish 50 SMA (4-hour) above 100 SMA (4-hour) and 200 SMA (4-hour). Also, the 50 SMA (hourly) is bullish, indicating above the 100 SMA (hourly) and above the 200 SMA (hourly).

Price activity is closest to the 50 SMA (4-hour) at 19946.06 and the 50 SMA (hourly) at 20572.41.

The technical support level is expected to be near 16990.14/ 14500.15/ 10432.73, and the stop loss level is expected to be below.

The technical resistance level is expected to be near 25256.96/ 27455.20/ 32383.96, and the stop loss level is expected to be above.

On the 4-hour chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.

On the 60 minute chart, SlowK is bearish below SlowD, while MACD is bearish below MACDAverage.

Disclaimer: Sally Ho’s technical analysis is provided by a third party for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment or financial advice.

Source of information: Compiled from CRYPTODAILY by 0x Information.The copyright belongs to the author and may not be reproduced without permission

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