Bitcoin Price Analysis: Is Orbiting the 36372 Retracement Level – 18 November 2023
Bitcoin (BTC/USD) has shown some recovery in the Asian session, rising to the 36674.75 level from the 35511.11 level, which is close to the 76.4% retracement of the upward range from 34758.64 to 37987. Despite a slight pullback, BTC/USD is still trading near its recent eighteen-month high of around 37999. Significant Stops were recently elected above certain levels during the uptrend, and additional upside price objectives in these appreciating ranges include the 38602, 42721, and 44481 areas.
Large Stops were also recently elected above the 35912.28 level, and major Stops were triggered above the 37362.84 level. Following the recent appreciation, areas of technical support and potential 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 above the 100-bar MA (4-hourly) and above 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 above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Is Bitcoin Price Set To Hit 38000 Again?
As the volatility of bitcoin continues, the cryptocurrency seems to be orbiting the 36372 retracement level. However, the upcoming trends in the bitcoin price are still uncertain given the recent dips and surges. Therefore, crypto traders and enthusiasts are eagerly watching to see if the Bitcoin price will climb above 38000 in the near future. So, keep an eye on the market indicators such as technical support and resistance levels to make informed trading decisions.
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