Bitcoin (BTC) Price Analysis: 36777 Tested on Profit-Taking – 28 November 2023
Bitcoin’s price continued to decline, reaching the 36777 level in the Asian session. This level represents a test of the downside price objective resulting from recent selling pressure at around 38454 and 37984.40. Another major downside price objective is at 36259.61, with stops located below. During the retreat, stops were triggered below the 37218 and 36837 levels, which were also related to recent selling pressure around 37761.93.
There are additional downside price objectives at various levels, including 36705, 36528, 36455, and more.
Potential Support and Resistance Levels
Following the recent appreciation, potential areas of support and buying pressure can be found at levels such as 33499, 32873, and others. On the other hand, significant technical levels above the market that may act as resistance are located at around 69000 and 48240.
Observations from Technical Indicators
Traders have noticed that several moving averages indicate bullish signals. The 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is indicating bullishness above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price Levels and Technical Support/Resistance
The price is currently closest to the 100-bar MA (4-hourly) at 36951.53 and the 200-bar MA (hourly) at 37182.99. Technical support is expected around levels such as 31238.97, 30028.62, and 28818.26. On the other hand, technical resistance is anticipated at levels like 38584.16, 39596.82, and 42721.31.
Technical Analysis Indicators
Based on the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is also bearishly below MACDAverage. Similarly, on the 60-minute chart, SlowK and MACD are both bearishly below their respective indicators.
Hot Take: Bitcoin Price Facing Resistance After Recent Decline
Bitcoin’s price has experienced a decline after recent selling pressure, testing various downside price objectives. The cryptocurrency faces potential support levels and buying pressure at certain points, while also encountering resistance at historical selling pressure areas. Traders are closely monitoring moving averages for bullish signals.
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