Bitcoin due new local low? Watch these BTC price levels as $28K rejects

Bitcoin (BTC) declined at $28,000 after the Oct. 5 Wall Street open as a return towards six-week highs failed.BTC/ USD 1-hour chart. Source: TradingViewBitcoin sees swift comedown after new $28,000 retestData from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls tried to match levels from earlier in the week.This came across issues simply above the $28,000 mark, however, with the subsequent per hour candle sending the marketplace down approximately $700, or 2.5 %.Com menting on the status quo, on-chain tracking resource Material Indicators was unsurprised. Its proprietary trading tools had actually alerted of a fresh slump, it stated, and the chain of events could still duplicate.”If you didnt see this rejection coming, then you may wish to evaluate your tools, since both TA and Trend Precognition showed a high probability of a rejection,” part of an X post specified.”That does not imply we will not see another effort, because we probably will.”Continuing, Material Indicators co-founder Keith Alan considered a possible trading range for BTC/USD going forward, keeping in mind that the current area rate zone was the site of “crucial” support/resistance turns in previous booming market.”So far, Key Moving Averages are working as strong technical resistance (and support). Breaking this range to the benefit is a possibility this month. If it takes place, a lot of individuals are going to get rekt along the way,” he informed X customers.”A close above the 200-Week MA would sustain bullish hopium. A close below the 21-Week MA keeps BTC varying in between $25k – $28k till something breaks.”BTC/USD annotated chart. Source: Keith Alan/XAt the time of composing, the 21-week and 200-week MA stood at $27,970 and $27,868, respectively.Others were more positive, with Michaël van de Poppe, founder and CEO of trading company MN Trading, describing Bitcoin as “quite ready” to take on $30,000 resistance.”Few levels of importance for Bitcoin here,” he wrote in X analysis the day prior.”Holding above $27,200 would be considerable for upwards continuation, but preferably is a retest at $26,700-26,900 before well continue the rally to $30,000. Sentiment flipped quite fast.”BTC/USD annotated chart. Source: Michaël van de Poppe/XTrader taps RSI for BTC price bottomElsewhere, popular trader and X analyst Ali revealed a BTC price trading approach which he argued had tracked current local tops and bottoms.Related: Bitcoin still beating US dollar versus eggflation– Fed dataThis focused on the relative strength index (RSI), which on four-hour timeframes had actually varied between around 30 and 75 considering that late August.”Currently, the RSI stands at 51. Patience is essential! We might be best waiting for the RSI to drop below 30.35 to buy the dip!,” part of accompanying commentary advised.Ali submitted a chart showing a classic “sell” signal coming at the start of October, indicating a new “purchase” signal could follow– together with a BTC cost local low.BTC/ USD chart with 4-hour RSI information. Source: Ali/XThis article does not contain financial investment recommendations or recommendations. Every financial investment and trading move involves risk, and readers should conduct their own research study when making a choice.

Bitcoin (BTC) rejected at $28,000 after the Oct. 5 Wall Street open as a return toward six-week highs failed.BTC/ USD 1-hour chart. Source: TradingViewBitcoin sees speedy comedown after new $28,000 retestData from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls tried to match levels from earlier in the week.This came across problems simply above the $28,000 mark, nevertheless, with the subsequent hourly candle sending out the market down up to $700, or 2.5 %.Com menting on the status quo, on-chain monitoring resource Material Indicators was unsurprised. Source: Keith Alan/XAt the time of writing, the 21-week and 200-week MA stood at $27,970 and $27,868, respectively.Others were more optimistic, with Michaël van de Poppe, founder and CEO of trading company MN Trading, describing Bitcoin as “very much all set” to tackle $30,000 resistance.,” part of accompanying commentary advised.Ali submitted a chart revealing a traditional “offer” signal coming at the start of October, implying a new “buy” signal might come next– along with a BTC rate regional low.BTC/ USD chart with 4-hour RSI information.

Other Questions People Ask

What should traders watch for regarding Bitcoin due new local low? Watch these BTC price levels as $28K rejects ...?

Traders should closely monitor the key price levels around $27,200 and $26,700 to $26,900, as these areas are crucial for potential upward movement. A close above the 200-week moving average could signal bullish momentum, while a drop below the 21-week moving average may keep Bitcoin ranging between $25K and $28K. Observing these levels can help traders make informed decisions about entering or exiting positions.

How does the rejection at $28K impact Bitcoin's price trajectory? ...?

The rejection at $28K indicates that Bitcoin is facing significant resistance, which could lead to a local low if the price fails to break through this level. Analysts suggest that if Bitcoin cannot hold above $27,200, it may retest lower levels around $26,700. This scenario highlights the importance of technical analysis in predicting potential price movements and making strategic trading decisions.

What indicators suggest a potential new local low for Bitcoin? ...?

Key indicators such as the relative strength index (RSI) and moving averages are essential in assessing Bitcoin's potential for a new local low. Currently, the RSI is hovering around 51, suggesting that patience may be required before making any buy decisions. If the RSI drops below 30.35, it could signal a favorable buying opportunity as traders look for a rebound from the anticipated local low.

What trading strategies should be considered with Bitcoin's current price action? ...?

Traders should consider employing strategies that focus on key support and resistance levels, particularly around $27,200 and $26,700. Utilizing tools like moving averages can help identify potential breakouts or breakdowns in price action. Additionally, monitoring the RSI for buy and sell signals can provide insights into optimal entry points as Bitcoin navigates its current volatility.

What does the market sentiment indicate for Bitcoin after the $28K rejection? ...?

The market sentiment appears mixed following the rejection at $28K, with some analysts remaining optimistic about a potential rally towards $30,000. However, caution is advised as the price remains vulnerable to further declines if key support levels are breached. Keeping an eye on trader sentiment and technical indicators will be crucial in determining Bitcoin's next moves in this uncertain environment.