{"id":13522,"date":"2023-10-06T04:29:07","date_gmt":"2023-10-06T04:29:07","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=13522"},"modified":"2023-10-06T04:29:10","modified_gmt":"2023-10-06T04:29:10","slug":"bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13522","title":{"rendered":"Bitcoin due new local low? Watch these BTC price levels as $28K rejects"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) rejected at $28,000 after the Oct. 5 Wall Street open as a return toward six-week highs failed.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin sees swift comedown after new $28,000 retest<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls attempted to match levels from earlier in the week.<\/p>\n<p>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%.<\/p>\n<p>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.<\/p>\n<p>\u201cIf you didn&#8217;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,\u201d part of an X post stated.<\/p>\n<p>\u201cThat doesn&#8217;t mean we won&#8217;t see another attempt, because we probably will.\u201d<\/p>\n<p>Continuing, 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 \u201ckey\u201d support\/resistance flips in prior bull markets.<\/p>\n<p>\u201cSo far, Key Moving Averages are serving as strong technical resistance (and support). 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,\u201d he told X subscribers.<\/p>\n<p>\u201cA close above the 200-Week MA would fuel bullish hopium. A close below the 21-Week MA keeps BTC ranging between $25k &#8211; $28k until something breaks.\u201d<em>BTC\/USD annotated chart. Source: Keith Alan\/X<\/em><\/p>\n<p>At the time of writing, the 200-week and 21-week MA stood at $27,970 and $27,868, respectively.<\/p>\n<p>Others were more optimistic, with Micha\u00ebl van de Poppe, founder and CEO of trading firm MN Trading, describing Bitcoin as \u201cvery much ready\u201d to tackle $30,000 resistance.<\/p>\n<p>\u201cFew levels of importance for Bitcoin here,\u201d he wrote in X analysis the day prior.<\/p>\n<p>\u201cHolding above $27,200 would be substantial for upwards continuation, but preferably is a retest at $26,700-26,900 before we&#8217;ll continue the rally to $30,000. Sentiment flipped quite fast.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/p>\n<h2>Trader taps RSI for BTC price bottom<\/h2>\n<p>Elsewhere, popular trader and X commentator Ali revealed a BTC price trading method which he argued had tracked recent local tops and bottoms.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin still beating US dollar versus \u2018eggflation\u2019 \u2014 Fed data<\/em><\/strong><\/p>\n<p>This revolved around the relative strength index (RSI), which on four-hour timeframes had fluctuated between approximately 30 and 75 since late August.<\/p>\n<p>\u201cCurrently, 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!,\u201d part of accompanying commentary advised.<\/p>\n<p>Ali uploaded a chart showing a classic \u201csell\u201d signal coming at the start of October, implying a new \u201cbuy\u201d signal could come next \u2014 alongside a BTC price local low.<\/p>\n<p><em>BTC\/USD chart with 4-hour RSI data. Source: Ali\/X<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-new-local-low-btc-price-levels-28k-rejects\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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: TradingView Bitcoin sees swift comedown after new $28,000 retest Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls attempted to match levels from earlier in the week. This [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13522"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13522\/revisions"}],"predecessor-version":[{"id":13524,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13522\/revisions\/13524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13523"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}