Bitcoin (BTC) Price Update: Bullish Technical Sentiment Holds Strong – November 21st, 2023

Bitcoin (BTC) Price Update: Bullish Technical Sentiment Holds Strong – November 21st, 2023


Bitcoin (BTC) Price Analysis

Early in the Asian session, Bitcoin (BTC/USD) has shown positive momentum, trading back above the 37225.11 area. Traders have pulled BTC/USD to the 37546.62 area, with additional upside price objectives at 38602, 42721, and 44481. For the pair to establish a new eighteen-month high above the 37999 level, additional upside momentum is required.

Technical Levels and Support

Recently, large Stops were elected above the 35912.28 area and 37362.84, leading to potential buying pressure and technical support at the 33499, 32873, 32561, 31351, and 30837 levels. The 50-bar MA (4-hourly) is indicating bullishly, along with the 100-bar MA and 200-bar MA (4-hourly), as well as the hourly MAs.

Price Activity and Future Projections

The price activity is nearest to the 50-bar MA (4-hourly) and the 50-bar MA (Hourly), with expected technical support and resistance levels around 31238.97/ 30028.62/ 28818.26 and 38584.16/ 39596.82/ 42721.31 respectively. On the 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage. Additionally, on the 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

Hot Take

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Bitcoin’s positive momentum and technical support levels are indicating future price gains, with potential resistance expected in the medium to long term. The strong upside bias presents a favorable opportunity for traders to benefit from Bitcoin’s price appreciation.

Bitcoin (BTC) Price Update: Bullish Technical Sentiment Holds Strong – November 21st, 2023
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