Bitcoin (BTC) Price Analysis: Is Orbiting the 36372 Retracement Level – 18 November 2023
Bitcoin (BTC) (BTC/USD) has shown some recovery in the Asian session, growing to the 36674.75 level from the 35511.11 level, which is next to the 76.4% retracement of the upward range from 34758.64 to 37987. Regardless of a slight pullback, BTC/USD is still trading near its recent eighteen- 30 days high of around 37999. Whole lot of Stops were recently elected over certain levels during the uptrend, and additional upside price objectives in these appreciating ranges include the 38602, 42721, and 44481 areas.
Large Stops were likewise recently elected over the 35912.28 level, and major Stops were triggered over the 37362.84 level. After the recent appreciation, areas of technical support and probable buying pressure include the 33499, 32873, 32561, 31351, and 30837 levels. Traders have been observing that the 50-bar MA (4-hourly) is bullishly indicating over the 100-bar MA (4-hourly) and over the 200-bar MA (4-hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 36707.93 and the 100-bar MA (Hourly) at 36495.23. Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below. Technical Resistance is expected around 38584.16/ 39596.82/ 42721.31 with Stops expected above.
On the 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage. On the 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly over MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Is Bitcoin (BTC) Price Set To Hit 38000 Again?
As the volatility of Bitcoin (BTC) continues, the digital currency appears to be orbiting the 36372 retracement level. Nonetheless, the upcoming trends in the Bitcoin (BTC) price are still uncertain given the recent dips and surges. Therefore, cryptocurrency traders and enthusiasts are eagerly watching to see if the Bitcoin (BTC) price will climb over 38000 in the near future. And, keep an eye on the market indicators such as technical support and resistance levels to make notified trading decisions.
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