Bitcoin (BTC) Price Analysis: Activity Gravitating to 36372 Technicals – 20 November 2023
Bitcoin (BTC/USD) encountered additional upside traction early in the Asian session as the pair remained resilient around the 36404 area, just above the 50% retracement of the recent appreciating range from 34758.64 to 37987....
- Bitcoin (BTC/USD) is showing resilience around the 36404 area, just above the 50% retracement of the recent appreciating range.
- BTC/USD is trading near its recent eighteen-month high around the 37999 level.
- Significant stops were recently elected above the 34965.04, 37165.61, and 37516.08 levels, with upside price objectives at 15460, 19568.52, 24750, and 24900 levels.
- Additional upside price objectives include the 38602, 42721, and 44481 areas.
- Large stops were also triggered above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high of 69000 to 15460.
- Technical support and potential buying pressure can be found at the 33499, 32873, 32561, 31351, and 30837 levels.
- The 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
- The 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and the 200-bar MA (hourly).
- Price activity is closest to the 50-bar MA (4-hourly) at 36695.17 and the 100-bar MA (hourly) at 36513.61.
- Technical support is expected around 31238.97, 30028.62, and 28818.26, with stops expected below.
- Technical resistance is expected around 38584.16, 39596.82, and 42721.31, with stops expected above.
- On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bullish above MACDAverage.
- On the 60-minute chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.
The sentiment of the article is neutral, providing technical analysis without expressing a clear opinion on the direction of Bitcoin's price.