Bitcoin (BTC) Price Analysis: Technical Sell-Off from 37675 – 22 November 2023
Bitcoin (BTC/USD) yielded some recent gains early in the Asian session as the pair encountered selling pressure around the 37675.77 area, just below the 78.6% retracement of the depreciating range from 37776.23 to 37314.26....
- Bitcoin (BTC/USD) encountered selling pressure around the 37675.77 area, just below the 78.6% retracement level.
- Stops were elected below the 37175.37 area, with downside price objectives at 36989.76, 36804.15, 36574.50, and 36203.29 levels.
- BTC/USD recently reached a new eighteen-month high around the 37999 level after Stops were elected above the 37516.08 area.
- Large Stops were also recently elected above the 35912.28 area and 37362.84 areas, related to the all-time high of 69000.
- Technical support and potential buying pressure can be found at the 33499, 32873, 32561, 31351, and 30837 levels.
- The 50-bar MA (4-hourly) and the 50-bar MA (hourly) are indicating bullish trends.
- Price activity is nearest the 50-bar MA (4-hourly) at 36721.81 and the 50-bar MA (hourly) at 37211.79.
- Technical support is expected around 31238.97, 30028.62, and 28818.26 levels.
- Technical resistance is expected around 38584.16, 39596.82, and 42721.31 levels.
- On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage.
- On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage.
The article provides technical analysis of Bitcoin's price movement, indicating both bullish and bearish trends.