Weekly Bitcoin (BTC) Technical Analysis (Oct 28th ~ Nov 3rd, 2024)

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By Tokenize Xchange
October 28, 2024

Disclaimer: The following content is provided for informational purposes only and does not constitute financial advice. The strategies and techniques discussed here are based on general knowledge and are intended to enhance understanding of various market concepts. Readers should conduct their own research and consider seeking advice from a certified financial advisor before making any investment decisions. The information provided does not account for individual circumstances, financial objectives, or risk tolerance.

1. Market Overview

BTCUSD_2024-10-28_14-42-44

  • Current Price: $67,630 (as of Oct 28th, 12 PM UTC +8)
  • Trend: Neutral
  • Market Sentiment: Cautiously Bullish

Last week, BTC attempted a breakout towards $69,000, only to pull back, briefly touching the $65,400 level on October 26 before rebounding above $68,000. This recovery suggests renewed bullish interest, with BTC now hovering just below a key resistance zone around $68,500$69,000.

The recent pattern reveals Bitcoin making lower highs and lower lows through most of the week before forming a rebound pattern on October 27. This reversal suggests a potential bullish setup if BTC can sustain levels above $68,000.

2. Key Technical Indicators

Name Value Signal
Relative Strength Index (14) 57.33 Neutral
Stochastic %K (14, 3, 3) 91.40 Neutral
MACD Level (12, 26) 2,065.81 Buy
Exponential Moving Average (10) 64,717.33 Buy
Exponential Moving Average (20) 63,248.95 Buy
Exponential Moving Average (30) 61,509.68 Buy
Exponential Moving Average (50) 57,102.93 Buy
Simple Moving Average (50) 58,571.26 Buy
Simple Moving Average (100) 42,634.16 Buy
Simple Moving Average (200) 40,634.39 Buy
Ichimoku Base Line (9, 26, 52, 26) 60,628.72 Neutral
Volume Weighted Moving Average (20) 61,734.33 Buy
Overall Strong Buy

3. Support and Resistance Levels

P = Pivot point

S1 2 3 4 = Support level 1, 2, 3, 4

R1 2 3 4 = Resistant level 1, 2, 3, 4

Pivot S4 S3 S2 S1 P R1 R2 R3 R4
Classic 56,431.5 60,706.2 64,980.9 67,221.8 69,255.6 71,496.5 75,771.2
Fibonacci 62,947.1 64,580.1 65,588.9 67,221.8 68,854.8 69,863.6 71,496.5
DeMark 59,689.3 62,438.7 63,964.0 66,713.4 68,238.7 70,988.1 72,513.4
Camarilla 64,663.6 65,839.2 66,231.0 66,622.9 67,406.5 67,798.4 68,190.2 69,365.8

4. Volume Analysis

Volume Spikes: Notable volume spikes occurred on October 24 and October 26, particularly during the downward moves. The high selling volume on October 26 aligns with the price reaching its recent low around $65,400. However, significant buying volume soon followed, helping BTC recover back above $67,000. This indicates strong buying support at lower levels, with buyers stepping in to defend the price.

Volume in Recovery: Since October 27, BTC’s upward recovery has been accompanied by moderate to high buying volume, suggesting that the rebound has solid participation, but it’s still shy of the volume levels seen in previous rallies. For a confirmed bullish reversal, higher volume around the $68,500$69,000 range would strengthen the likelihood of a sustained breakout.

5. Sentiment Analysis

Market sentiment appears cautiously bullish. The swift recovery from $65,400 suggests that market participants see value in BTC around this level, with the overall sentiment shifting back toward optimism as BTC approaches the $69,000 mark again. However, the hesitation near this resistance zone may indicate traders’ concerns about potential resistance at $69,000$70,000.

In the short term, BTC is in a critical range where a clear breakout above $69,000 could fuel bullish sentiment further, while any rejection could introduce doubt and lead to another retest of the $66,000$67,000 support area.

6. Trading Strategy for the Week

For Bullish Traders:

  • Entry: A breakout above $69,000 with strong buying volume would be a bullish signal. Alternatively, a retest and hold above $67,500 (current support) could provide an entry for those looking for a consolidation phase.
  • Target: Short-term targets include $70,000 (psychological resistance) and $72,000 if BTC sustains above $69,000.
  • Stop-Loss: A stop-loss below $67,000 is advisable to mitigate downside risk in case of a breakdown.

For Bearish Traders:

  • Entry: If BTC fails to break $69,000 and starts showing signs of rejection or strong selling volume at this resistance, a short position could be considered.
  • Target: Initial targets for a bearish scenario include $66,500 and $65,400, the latter being last week’s low.
  • Stop-Loss: A stop above $69,500 would be prudent to avoid losses in case of a bullish breakout.

Range-Bound Traders:

  • With BTC trading between $66,000 and $69,000 recently, range-bound traders could consider buying near $66,000 support and selling near $69,000 resistance if BTC remains in this zone.

7. Conclusion

Bitcoin remains at a key inflection point entering the week of October 28 – November 3, 2024. With price nearing resistance around $69,000 and a mix of bullish recovery signals and resistance rejections, this week could see either a continuation towards $70,000 or a pullback towards $66,000. Traders should monitor volume closely at resistance levels for confirmation of the next potential direction.

Disclaimer

All content produced by Tokenize Exchange is intended solely for educational purposes. This should not be taken as financial or investment advice. Individuals are advised to perform due diligence before purchasing any crypto as they are subject to high volatility.