{"id":593322,"date":"2023-10-05T19:14:36","date_gmt":"2023-10-05T16:14:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects\/"},"modified":"2023-10-05T19:14:36","modified_gmt":"2023-10-05T16:14:36","slug":"bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects\/","title":{"rendered":"# Bitcoin due new local low? Watch these BTC price levels as $28K rejects"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a20f8264fd84\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a20f8264fd84\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects\/#Bitcoin_sees_swift_comedown_after_new_28000_retest\" >Bitcoin sees swift comedown after new $28,000 retest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-due-new-local-low-watch-these-btc-price-levels-as-28k-rejects\/#Trader_taps_RSI_for_BTC_price_bottom\" >Trader taps RSI for BTC price bottom<\/a><\/li><\/ul><\/nav><\/div>\n<p itemprop=\"description\" class=\"post__lead\" data-v-3d3be88a> Bitcoin bulls struggle to top their highs from the start of the week, while BTC price forecasts diverge over what could be next. <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-3d3be88a>Bitcoin (BTC) rejected at $28,000 after the Oct. 5 Wall Street open as a return toward six-week highs failed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/176e1d4b-fdba-48ed-8212-8ad3f639367c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_sees_swift_comedown_after_new_28000_retest\"><\/span>Bitcoin sees swift comedown after new $28,000 retest<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> 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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1709953243776725246\">stated<\/a>.<\/p>\n<blockquote><p>\u201cThat doesn&#8217;t mean we won&#8217;t see another attempt, because we probably will.\u201d<\/p><\/blockquote>\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 h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, a lot of people are going to get rekt along the way,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/KAProductions\/status\/1709946581946871816\/photo\/1\">told<\/a> X subscribers.<\/p>\n<blockquote><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<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/4f5af64a-0c27-40b0-bf50-bc04a0ba7115.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Keith Alan\/X<\/em><\/figcaption><\/figure>\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, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1709936900616896535\">describing<\/a> Bitcoin as \u201cvery much ready\u201d to tackle $30,000 resistance.<\/p>\n<p>\u201cFew levels of importance for Bitcoin here,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1709458121645576604\">wrote<\/a> in X analysis the day prior.<\/p>\n<blockquote><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<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/fd39bc4f-ac16-4492-ade4-de8730a776f3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Trader_taps_RSI_for_BTC_price_bottom\"><\/span>Trader taps RSI for BTC price bottom<span class=\"ez-toc-section-end\"><\/span><\/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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ali_charts\/status\/1709594354048778700\/photo\/1\">advised<\/a>.<\/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<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/423cb5ce-0b1d-4676-bd79-a04a457bcad1.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD chart with 4-hour RSI data. Source: Ali\/X<\/em><\/figcaption><\/figure>\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><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-new-local-low-btc-price-levels-28k-rejects\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin bulls struggle to top their highs from the start of the week, while BTC price forecasts diverge over what could be next. 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":593323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMTAvM2NiYzQ3MmQtMDZjZC00OWRjLWFhNzktNWI0YTMwYTcwZjI0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-593322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/593322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=593322"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/593322\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/593323"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=593322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=593322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=593322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}