Bitcoin (BTC) Price Analysis: Profit-Taking After 34869 Reached – 31 October 2023
Bitcoin (BTC/USD) is experiencing renewed upside momentum, with the price reaching as high as the 34871 area. This level represents a test of the recent buying pressure around 33000 and 33400. Stops were triggered above the 34770.78 area, which is the 78.6% retracement of the previous downward range from 35144 to 33400. Additionally, stops were recently triggered above several upside price objectives.
Technically, the recent high around the 35157 area tested an upside price objective related to previous upward activity. There are several more upside price objectives to watch for. On the downside, there are areas of technical support and potential buying pressure.
The moving averages are indicating bullish signals across different timeframes, suggesting a positive trend. The nearest moving averages to watch are the 50-bar MA (4-hourly) at 33249.73 and the 50-bar MA (hourly) at 34290.87.
Technical Support and Resistance Levels
Technical support levels to watch include 31238.97, 30028.62, and 28818.26, with stops expected below these levels. On the other hand, technical resistance levels to watch include 36541.57, 37239.15, and 38584.16, with stops expected above these levels.
Technical Indicators
On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bearish below MACDAverage. On the hourly chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Sees Upside Momentum, Reaching New Highs
Bitcoin (BTC) is showing signs of strong upside momentum as it reaches new highs. The recent price action has tested several key resistance levels, indicating a bullish trend. Traders should pay attention to the moving averages, which are suggesting a positive outlook for BTC.
On the technical front, there are multiple support levels that could provide buying opportunities if the price retraces. However, with the current upward momentum, traders should also be aware of potential resistance levels that could halt the rally.
Overall, Bitcoin’s price analysis suggests that there is still room for further upside potential. Traders should closely monitor the market and use technical indicators to make informed decisions.
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