Bitcoin due new local low? Watch these BTC price levels as $28K rejects
Bitcoin (BTC) rejected at $28,000 after the Oct. 5 Wall Street open as a return toward six-week highs failed.
Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls attempted to match levels from earlier in the week.
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 post stated.
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 “key” support/resistance flips in prior bull markets.
“So 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,” he told X subscribers.
At the time of writing, the 200-week and 21-week MA stood at $27,970 and $27,868, respectively.
Others were more optimistic, with Michaël van de Poppe, founder and CEO of trading firm MN Trading, describing Bitcoin as “very much ready” to tackle $30,000 resistance.
“Few levels of importance for Bitcoin here,” he wrote in X analysis the day prior.
Elsewhere, popular trader and X commentator Ali revealed a BTC price trading method which he argued had tracked recent local tops and bottoms.
Rela
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