Bitcoin (BTC) Price Analysis:  Technically Challenged at 34477 – 30 October 2023

Bitcoin (BTC/USD) maintained a positive technical bias early in the Asian session as the pair continued to oscillate around the 33819 area, an upside price objective related to recent upward activity around the 29705 area.  Technical selling pressure strengthened around the 34500 level, representing a test of the 61.8% retracement of the recent depreciating range from 35144 to 33400.   Stops were recently elected above a series of upside price objectives including the 33819, 33755, 34826, and 35035 levels, and major Stops were also elected above the 34190.77 area during the appreciation, a previous downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels.  

Technically, the recent multi-month high around the 35157 area represented a test of an upside price objective around the 35035 area that is related to recent upward activity around the 29328 and 32525 levels.  Additional upside price objectives include the 35718, 35982, 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 levels.  Following the surge higher, areas of technical support and potential buying pressure

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Author: Sally Ho

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