24.10.202322:05 Forex Analysis & Reviews: Technical analysis on Bitcoin on October 24, 2023

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Technical market outlook (Bitcoin | BTC/USD) :

If Bitcoin can stay above $30 k, it would mark an end to the recent pullback. Last week, Bitcoin fell remain within a framework of correction from the high price of $33 k to the bottom of 27,858 USD. Currently price sets at $32,630. Closing above the Pivot Point ($30 k) could assure that BTC/USD will move higher towards cooling new highs.

The bulls must break through $31,317 in order to resume the up trend. Bitcoin is at an all-time high against the dollar around the spot of $ $30 k- $31 k - Bitcoin is inside in upward channel. Closing above the major support ($31 k) could assure that BTC/USD will move higher towards cooling new highs. $32 k is continuing rising by market cap at 5% in a day, and is trading at $32,500 after it reached $33 k earlier.

Bitcoin has been set above the strong support at the price of $30 k, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.

The market is likely to show signs of a bullish trend around the spot of $30 k - $310 k. Buy orders are recommended above the area of $31,317 with the first target at the price of $32,370; and continue towards $33,000 in order to test the last bullish wave. On the other hand , if the BTC/USD fails to break through the resistance price of $33,00 today, the market will decline further to $34 k.

Trading BTC/USD :

The trend is still bullish as long as the price of $30,000 is not broken. Thereupon, it would be wise to buy above the price of at $30,000 with the primary target at $32,370. Then, the BTC/USD pair will continue towards the second target at $33,000 (a new target is around $34 k). Alternative scenario : The breakdown of $30,542 will allow the pair to go further down to the prices of $29 k and $28 k.

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