Bitcoin (BTC) Price Analysis: 38832 an Important Technical Hurdle – 27 November 2023
Bitcoin (BTC/USD) is seeing gains and aiming for further upside momentum after reaching a new eighteen-month high. The price broke through the 38066.89 level, which was a target for buyers at the 19568.52 and 24750 levels. The technical levels to watch now are 38602.40 and 38832.71, with the latter being a previous downside target from the all-time high of around 69000.
Traders are also keeping an eye on other significant technical levels, including 40503, 41225, and 42230, which were areas of historical selling pressure at the 69000 and 48240 levels.
The recent surge triggered stops above the important technical levels of 35912.28 and 37362.84, which are connected to the all-time high of 69000 and previous buying pressure at the 3858 and 15460 levels. If there is a pullback, key support levels to watch are at 33499, 32873, 32561, 31351, and 30837.
The moving averages indicate a bullish trend as the 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same goes for the hourly chart.
The price is currently closest to the 50-bar MA (4-hourly) at 37022.89 and the 50-bar MA (hourly) at 37214.61.
Technical support is expected around levels of 31238.97/30028.62/28818.26 with stops anticipated below. On the other hand, technical resistance is expected around levels of 38584.16/39596.82/42721.31 with stops predicted above.
According to the 4-hourly chart, SlowK is above SlowD and MACD is above MACDAverage, indicating a bullish trend. The same goes for the 60-minute chart.
Hot Take: Bitcoin Continues to Surge Amidst Technical Indicators
Bitcoin (BTC) has been experiencing significant gains lately, reaching an eighteen-month high. Technical analysis suggests that there are important levels to watch as the price aims for further upside momentum. Traders are keeping an eye on historical buying and selling pressure levels, as well as key support and resistance levels.
The moving averages indicate a bullish trend, with the 50-bar MA (4-hourly) and the 50-bar MA (hourly) showing positive signs. This suggests that Bitcoin’s upward movement may continue in the near future.
Overall, Bitcoin’s price action is attracting attention from traders and investors alike as it continues to defy expectations and break new records.
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