Bitcoin (BTC) Price Analysis: Technical Lift from 36372 – 19 November 2023
Bitcoin (BTC/USD) maintained a positive technical bias early in the Asian session as the pair appreciated from the 36205.89 level and reached the 36578.27 area....
- Bitcoin (BTC/USD) maintained a positive technical bias, appreciating from the 36205.89 level to reach 36578.27.
- Upside activity strengthened from the 36367.24 level, around the 50% retracement of the recent appreciating range.
- BTC/USD continues to trade near its recent eighteen-month high around 37999.
- Significant Stops were recently elected above the 34965.04, 37165.61, and 37516.08 levels, with upside price objectives linked to various levels.
- Large Stops were also triggered above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high.
- Technical support and potential buying pressure can be found at various levels.
- The 50-bar MA (4-hourly) is indicating bullishness, while the 50-bar MA (hourly) is indicating bearishness.
- Price activity is nearest the 50-bar MA (4-hourly) and the 200-bar MA (hourly).
- Technical support is expected around 31238.97/30028.62/28818.26, while technical resistance is expected around 38584.16/39596.82/42721.31.
- On the 4-hourly chart, SlowK is bullish and MACD is bearish. On the 60-minute chart, both SlowK and MACD are bullish.
The article provides a positive technical analysis of Bitcoin's price movement, highlighting its appreciation and proximity to recent highs. It also mentions significant stops and areas of support and resistance. The sentiment is generally optimistic.