Bitcoin (BTC) Price Analysis: Bulls Test Major 35982 Target – 3 November 2023
The price of Bitcoin (BTC/USD) has been showing upward momentum, reaching its highest level since May 2022. Traders have been adding to their long positions as the pair climbed to the 35997.80 area, which is a significant upside price target based on recent buying pressure. This level also represents a test of key retracement levels from previous price ranges. Stops have been triggered above various upside price targets, including levels such as 33819, 33755, 34826, and 35035. Major stops were also triggered above the 34190.77 area, which was a downside price objective related to historical selling pressure.
There are several additional upside price targets to watch for in the future. On the other hand, there are areas of technical support and potential buying pressure at lower levels. The moving averages on both the 4-hourly and hourly charts indicate bullish signals. The nearest 50-bar moving average on the 4-hourly chart is at 34332.07, while on the hourly chart it is at 34605.13.
Technical Support and Resistance Levels
Based on technical analysis, there is expected to be support around the levels of 31238.97, 30028.62, and 28818.26, with stops expected below these levels. On the other hand, resistance levels are expected around 36541.57, 37239.15, and 38584.16, with stops expected above these levels.
Technical Indicators
In terms of technical indicators, on the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bullish above MACDAverage. On the 60-minute chart, SlowK is bearish below SlowD, but MACD is bullish above MACDAverage.
For more detailed technical analysis, you can refer to Sally Ho’s Trading Analysis from yesterday.
Hot Take: Bitcoin Bulls Pushing for New Highs
The price of Bitcoin (BTC) has surged to its highest level in over a year, with traders adding to their positions and pushing the cryptocurrency towards new highs. The recent rally has tested key resistance levels and retracement targets, indicating strong buying pressure. Technical indicators suggest that the upward momentum may continue, with moving averages showing bullish signals. However, there are also areas of support at lower levels that could provide buying opportunities. Overall, the market sentiment is positive as Bitcoin bulls remain in control. It will be interesting to see if the cryptocurrency can break through the major resistance levels and reach new all-time highs in the near future.
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