Bitcoin (BTC) Price Analysis
When it comes to Bitcoin’s price analysis, the cryptocurrency sought new technical guidance early in the Asian session. BTC/USD faced challenges heading upwards after encountering selling pressure around certain areas. Buying pressure limited its downside, and stops were elected during depreciation, leading to downside price objectives related to selling pressure. Despite the pullback, BTC/USD continues to trade within striking distance of its recent eighteen-month high.
Technical Support and Resistance
Following the recent appreciation, areas of technical support and potential buying pressure include specific levels. Traders are observing bullish and bearish indicators on the MA charts, which are important for predicting future price movements.
Price Activity and Expectations
Price activity is nearest the 50-bar MA (4-hourly) and the 200-bar MA (Hourly). Technical Support is expected around certain levels with stops expected below. Technical Resistance is also expected around specific levels with stops expected above. In addition, on both the 4-hourly and 60-minute charts, there are bearish indicators that suggest potential downward movement in the near term.
Hot Take: Bitcoin’s Future Outlook
Given the current technical analysis of Bitcoin’s price, it seems that there may be some potential for a short-term downward movement. However, as always with cryptocurrency, these predictions are subject to change rapidly based on market sentiment and other factors.
Bitcoin (BTC) Price Analysis: Shorts Squeezed Higher from 36209 Technicals – 15 November 2023
By
By
By
By