Bitcoin (BTC) Price Analysis: March 2020 Longs Elect Stops Above 37362 – 10 November 2023
Bitcoin (BTC/USD) continues to show strong momentum in the Asian session, reaching a high of 37802.42, the best since May 2022. Significant Stops were elected above the 34965.04 and 37516.08 levels during the appreciation, with additional upside price objectives at 19568.52, 15460, and 24900 levels. Further targets include the 38602, 42721, and 44481 areas. Key support and potential buying pressure levels include 34757, 33499, 32873, 32561, 31351, and 30837.
Large Stops were also elected above the 35912.28 area and above the 37362.84 area during the climb to eighteen-month highs. Traders are observing bullish indications on both the hourly and four-hourly charts.
The price activity is closest to the 50-bar MA (4-hourly) at 35130.61 and the 50-bar MA (Hourly) at 35740.87.
Technical Support is expected around 31238.97/30028.62/28818.26 with Stops expected below, while Technical Resistance is expected around 38584.16/39596.82/42721.31 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Sally Ho’s Hot Take
The Bitcoin (BTC) price continues to surge with strong momentum, reaching its highest level since May 2022 and showing no signs of slowing down as it aims for further upside targets. With key support levels in place and large stops being elected at crucial areas, traders are observing bullish indications on both hourly and four-hourly charts, indicating a positive outlook for Bitcoin in the near term.
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