Bitcoin (BTC) Price Analysis: Roadblocked Below 38000 Again – 17 November 2023
As you start your day, Bitcoin (BTC/USD) has lost some of its recent gains in the Asian session. The pair is hovering around the 37987 area after making recent advances that peaked at 34758.64. During the pullback, stops were triggered below the 37225.11 level, representing a retracement of the recent appreciating range from 34758.64 to 37987. Despite this setback, BTC/USD remains close to its recent eighteen-month high around the 37999 level.
Significant stops were triggered above the 34965.04, 37165.61, and 37516.08 levels during the recent upside move, with additional upside price objectives at the 38602, 42721, and 44481 areas.
Technical support and potential buying pressure levels are now at 33499, 32873, 32561, 31351, and 30837 as traders observe bullish indications in the MA indicators.
The current price activity is closest to the 50-bar MA (4-hourly) at 36602.71 and the 100-bar MA (Hourly) at 36687.71.
Expect technical support around 31238.97/30028.62/28818.26 and technical resistance at 38584.16/39596.82/42721.31.
On the 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On the 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Hot Take: The Bitcoin Rollercoaster Continues
Bitcoin continues to experience volatility as it struggles to maintain its recent gains. Despite reaching an eighteen-month high, BTC/USD has faced resistance below the crucial $38000 level once again. Traders are closely monitoring technical support and resistance levels as they anticipate potential buying pressure or further pullbacks in the market.
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