BTC price sees harsh rejection at $28,000 as Bitcoin analysts draw support and resistance levels.
This encountered problems just above the $28,000 mark, however, with the subsequent hourly candle sending the market down up to $700, or 2.5%.
Commenting on the status quo, on-chain monitoring resource Material Indicators was unsurprised. Its proprietary trading tools had warned of a fresh downturn, it said, and the chain of events could still repeat. “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,” part of an X postContinuing, Material Indicators co-founder Keith Alan eyed a possible trading range for BTC/USD going forward, noting that the current spot price zone was the site of “key” support/resistance flips in prior bull markets.
“So far, Key Moving Averages are serving as strong technical resistance . Breaking this range to the upside is a possibility this month. If it happens, a lot of people are going to get rekt along the way,” he“A close above the 200-Week MA would fuel bullish hopium. A close below the 21-Week MA keeps BTC ranging between $25k - $28k until something breaks.”At the time of writing, the 200-week and 21-week MA stood at $27,970 and $27,868, respectively.
“Currently, the RSI stands at 51. Patience is key! We might be best waiting for the RSI to drop below 30.35 to buy the dip!,” part of accompanying commentaryAli uploaded a chart showing a classic “sell” signal coming at the start of October, implying a new “buy” signal could come next — alongside a BTC price local low.This article does not contain investment advice or recommendations.
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