Bitcoin (BTC) Price Analysis: Expanding Volatility Clouds Technical Outlook – 4 November 2023
Bitcoin (BTC/USD) is facing increased volatility as it reached a high of 35997.80 before encountering selling pressure. This has resulted in the price testing a downside objective at around 34214. Other potential downside objectives include levels at 34143, 33943, 33724, 33663, 33459, and 32859. Traders have been adding to long positions by pushing the price higher to test an upside objective related to recent buying pressure at the 28122 and 32525 areas.
The recent high also marks a test of the 50% retracement from a historical range and the 61.8% retracement from another depreciating range. Stops were triggered above the 34190.77 area during this appreciation phase. Additional upside objectives include levels at 36115, 36541, 36798, 37239, and more.
Areas of support and potential buying pressure can be found at levels such as 32992, 31652, and 31238. The moving averages indicate a bullish trend on both the hourly and four-hourly charts.
Price Levels and Technical Indicators
The price is currently closest to the 50-bar MA (4-hourly) at 34432.77 and the 100-bar MA (hourly) at 34655.83.
Technical support is expected around levels at 31238.97, 30028.62, and 28818.26, with stops expected below these levels. On the other hand, technical resistance is anticipated around levels at 36541.57, 37239.15, and 38584.16, with stops expected above these levels.
On the 4-hourly chart, the SlowK indicator is bearish below SlowD, and the MACD is bearish below MACDAverage. Similarly, on the 60-minute chart, the SlowK indicator is bearish below SlowD, and the MACD is bearish below MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin’s Volatility Raises Concerns for Traders
The recent expansion of volatility in Bitcoin (BTC) has created uncertainty among traders. The price has faced selling pressure after reaching a high point, leading to a test of downside objectives. On the other hand, traders have been pushing the price higher by adding to long positions. However, there are concerns about the potential downside risks and the historical retracement levels that may come into play. It is important for traders to closely monitor support and resistance levels as well as technical indicators to make informed decisions. The current market conditions require caution and vigilance.
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