Technical analysis by Peet_Serfontein about Symbol BTC: Sell recommendation (10/13/2023)

Bitcoin $: back to support? 1. Trend Level - 26800: The chart showcases a significant trend level at the 26800 mark. This price point seems to be pivotal. 2. Moving Averages: Two noteworthy moving averages have been marked – the 200-day and the 200-week. The recent price action shows Bitcoin testing these moving averages, indicating they are acting as dynamic resistance levels. 3. Fibonacci Retracement Levels: Bitcoin appears to be trading around the 78.6% Fibonacci retracement level. This level can act as a strong resistance, and the price's behaviour around it is crucial for determining future momentum. 4. Downside Momentum: The momentum indicators at the bottom of the chart suggest a bearish momentum. The histogram bars are in the negative territory and show a potential downside bias, indicating that bears might have the upper hand in the short term. 5. Target and Stop Levels: A bearish target is set at 25300, pointing to a potential decline of -5.5%. Conversely, a stop level is placed at 28000, marking a risk of +4.3%. This presents a win/loss ratio of 1.5:1, suggesting that the potential reward is 1.5 times the risk. 6. Potential Return to Support: A note on the chart queries if the price might be heading "Back to support?" Given the current technical setup, it seems plausible that Bitcoin could retest previous support levels, especially with the prevailing bearish momentum.