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BITCOIN TECHNICAL ANALYSIS ( 18th Oct 2023 )

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Price Analysis

Current Price: $28739.02
24-Hour Change: 1.88%
Circulation Supply: 19.52M

Trend Analysis

Technical Indicator : Strong Buy (On Daily Basis)
Moving Average : Strong Buy (On Daily Basis)
Overall Trend : Strong Buy (On Daily Basis)

Key Support and Resistance Levels:

Support Level 1: 28125.4
Support Level 2: 27850.3
Resistance Level 1: 28639.0
Resistance Level 2: 23378.7

Moving Averages:

50-Day Simple Moving Average (SMA): 26790.70 ( Buy)
200-Day Simple Moving Average (SMA): 27772.0 ( Buy )

Relative Strength Index (RSI)

Current RSI: 67.237
RSI Interpretation: Buy Zone

Volume Analysis

Trading Volume: $14,616,751,761
Volume Trends: Increasing in Nature

Candlestick Patterns
BULLISH DOJI STAR : Bullish Reversal ( Indication ), Medium ( Reliabilty ), During a downtrend, the market strengthens the bears with a long black candlestick and gaps open on the second one. However, the second candlestick trades within a small range and closes at or near its open. This scenario generally shows the potential for a rally, as many positions have been changed. Confirmation of the trend reversal would be a higher open on the next candlestick ( Description ).

HANGING MAN : Bearish Revesal ( Indication ), Low ( Reliabilty ),
During an uptrend, there is a sharp sell off after a gap to the upside. However, the candlestick closes at or near its high. This signifies the potential for further sell-offs. Since the certainty for a Hanging Man indicator is low, the trend reversal can be confirmed by a black candlestick or a large down gap on the next candlestick accompanied by a lower close ( Description ).


Conclusion

The live price of Bitcoin is $ 28,739.15 per (BTC / USD) with a current market cap of $ 560.90B USD. 24-hour trading volume is $ 14.61B USD. BTC to USD price is updated in real-time. Bitcoin is +1.83% in the last 24 hours with a circulating supply of 19.52M.

It's essential to exercise caution and apply risk management strategies in your trading decisions.

Disclaimer

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