Bitcoin (BTC) Retains November Gains and Continues Upward Momentum
Bitcoin (BTC/USD) is maintaining its gains from November as it hovers around key technical levels. The cryptocurrency saw an 8.8% increase in November, bringing its year-to-date performance to over 127%. Technical support was found at the 61.8% retracement level of the recent appreciation, while major upside price objectives include the 43781.04 area. Areas of potential buying pressure and support include levels such as 33499 and 30837.
Key Technical Levels to Watch
Bitcoin has faced historical selling pressure around the 69000 and 48240 areas, with additional downside price objectives at levels like 36528 and 35220. The 50-bar MA (4-hourly) is showing bullish indications above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is indicating bullish results above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Current Price and Support/Resistance Levels
The nearest 50-bar MA (4-hourly) is at 37476.23, and the 50-bar MA (hourly) is at 37882.33. Technical support is expected in the 31238.97/30028.62/28818.26 range, with resistance anticipated at 38584.16/39596.82/42721.31.
Technical Indicators
On the 4-hourly chart, SlowK is below SlowD, and MACD is below MACDAverage. On the 60-minute chart, SlowK is above SlowD, and MACD is above MACDAverage.
Hot Take: Bitcoin Holds onto Gains and Shows Positive Momentum
Bitcoin has successfully maintained its gains from November, and its year-to-date performance continues to climb. With support levels in place and bullish indicators on the charts, the cryptocurrency market appears to be in a positive position. Traders should keep a close eye on key technical levels, especially the upside objectives and downside price targets. Overall, the outlook for Bitcoin remains optimistic as it heads into December.
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