Bitcoin (BTC) Price Analysis: 37608 the Major Level at Month’s End – 1 December 2023
Bitcoin (BTC/USD) encountered significant technical levels in the Asian session. The pair found support around the 37608.63 area twice, which is related to buying pressure around the 36241 and 36714 levels. However, selling activity arose at the 38480 level, which is an eighteen-month high. In the surge, major stops were elected above the 38066.89 area, associated with buying activity around the 19568.52 and 24750 levels. Other important technical levels include 43781.04, 42230, and 42288 areas.
Areas of potential buying pressure and support after the recent appreciation include 33499, 32873, 32561, 31351, and 30837 levels. On the other hand, significant technical levels linked to historical selling pressure are 69000 and 48240, with additional downside price objectives at various levels.
Technical Indicators
Traders observe that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is bullish and indicating above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 37414.43 and the 50-bar MA (Hourly) at 37712.03.
Technical Support and Resistance
Technical support is expected around 31238.97, 30028.62, and 28818.26, with stops anticipated below. On the other hand, technical resistance is expected around 38584.16, 39596.82, and 42721.31, with stops anticipated above.
Technical Analysis of Indicators
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
Sally Ho’s Technical Analysis: View Yesterday’s Trading Analysis
Hot Take: Bitcoin (BTC) Price Analysis
Bitcoin (BTC) encountered significant technical levels in the Asian session, with support and resistance points indicating buying and selling pressures. Traders are closely watching the movement of moving averages and various technical indicators to gauge market sentiment. The price activity is currently close to the 50-bar MA, indicating a crucial level. Technical support and resistance levels are expected to play significant roles in the future movement of Bitcoin. It will be interesting to see how the market responds to these levels and indicators in the coming sessions.
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