Bitcoin due to new local low? Watch these BTC price levels as $28K rejects. 5 Wall Street opening as a return toward six-week highs failed.
Bitcoin sees swift comedown after new $28,000 retest
BTC price movement was tracked by Cointelegraph Markets Pro and TradingView data as bulls tried to match levels from earlier in the week.
However, this ran into trouble beyond the $28,000 threshold, and the ensuing hourly candle sent the market down by much to $700, or 2.5%.
Bitcoin due to new local low? Watch these BTC price levels as $28K rejects. Material Indicators, an on-chain monitoring resource, expressed little surprise about the current situation. It claimed that a new decline had been predicted by its proprietary trading technologies and that the sequence of events may yet occur.
Part of an X post said, “If you didn’t see this rejection coming, then you might want to evaluate your tools because both TA and Trend Precognition indicated a high probability of a rejection.”
Keith Alan, a co-founder of Material Indicators, continued by observing a potential trading range for BTC/USD in the future and pointing out that “key” support/resistance flips in earlier bull markets occurred in the area of the present spot price zone.
Key Moving Averages are currently a powerful technical barrier (and support). This month, this range could be broken to the upside. Many people will be rekt along the way if that occurs, he warned X subscribers.
The 200-week MA was $27,970 at the time of writing, and the 21-week MA was $27,868, respectively.
Others were more upbeat, such as Michal van de Poppe, the founder and CEO of MN Trading, who said that Bitcoin was “very much ready” to face the $30,000 obstacle.
The previous day, he stated in an X analysis, “Few levels of importance for Bitcoin here.”
Trader taps RSI for BTC price bottom.
On another occasion, a well-known trader and X pundit, Ali, disclosed a BTC price trading strategy that, in his opinion, had tracked recent regional tops and bottoms.
Related: Fed data shows that Bitcoin outperforms the US dollar against “inflation.”
Bitcoin due to new local low? Watch these BTC price levels as $28K rejects. The relative strength index (RSI), oscillating on four-hour timescales between 30 and 75 since late August, was central to this.
“The RSI is currently at 51. The secret is to be patient! The accompanying commentary said that it could be preferable to wait for the RSI to go below 30.35 to purchase the dip.
Ali posted a chart with a traditional “sell” signal at the beginning of October, suggesting a fresh “buy” signal would follow, along with a local bottom in the bitcoin price.
There are no recommendations or investment advice in this post. Every trading and investment decision carries risk, so readers should research before choosing.