Bitcoin (BTC) Price Analysis: Upside Technical Bias Remains Firm – 21 November 2023

Crypto Daily
Crypto Daily

20 Nov 2023 4:30 PM

Bitcoin (BTC/USD) extended ongoing positive momentum early in the Asian session as the pair traded back above the 37225.11 area, representing the 23.6% retracement of the recent appreciating range from 34758.64 to 37987....

  • Bitcoin (BTC/USD) has shown positive momentum, trading above the 23.6% retracement level.
  • Upside price objectives include the 38602, 42721, and 44481 areas.
  • Large Stops are cited above the 38602.40 area.
  • Technical support and potential buying pressure levels are at 33499, 32873, 32561, 31351, and 30837.
  • The 50-bar MA (4-hourly) and 50-bar MA (hourly) are indicating bullish trends.
  • Price activity is nearest the 50-bar MA (4-hourly) and 50-bar MA (hourly).
  • Technical support is expected around 31238.97, 30028.62, and 28818.26.
  • Technical resistance is expected around 38584.16, 39596.82, and 42721.31.
  • On the 4-hourly chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.
  • On the 60-minute chart, SlowK is bullish above SlowD, while MACD is bearish below MACDAverage.

The sentiment of the article is generally positive, highlighting the upside technical bias and positive momentum of Bitcoin (BTC/USD).

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