Bitcoin (BTC) Price Analysis: Technicals at 34732 Challenge Upside – 2 November 2023
Bitcoin (BTC/USD) is currently experiencing some resistance as it trades sideways after reaching a high of 34732.18. This level represents a test of the 76.4% retracement of the previous decline. The selling pressure has intensified around the 34507 area, which is the 38.2% retracement of the recent upward movement.
In October, BTC/USD saw gains of about 27%, and it has risen by approximately 108% year-to-date. The recent selling pressure around the 34871 area was near an upside price objective related to previous buying pressure around the 33000 and 33400 levels. There have been stop orders triggered above several upside price targets, including the levels at 33819, 33755, 34826, and 35035.
From a technical standpoint, the recent high around 35157 tested an upside price target at 35035, which was based on previous upward activity. There are additional upside targets at various levels above this, while areas of support and potential buying pressure can be found at levels such as 32992, 31652, and 31238.
The moving averages also indicate a bullish trend, with the 50-bar MA (4-hourly) above both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same is true for the hourly chart.
The current price activity is closest to the 50-bar MA (4-hourly) at 34183.51 and the 50-bar MA (hourly) at 34451.07. Technical support is expected at levels around 31238.97/30028.62/28818.26, while resistance is expected at levels around 36541.57/37239.15/38584.16.
On the 4-hourly chart, the SlowK indicator is above SlowD, indicating a bullish signal, while the MACD is below the MACDAverage, suggesting a bearish signal. On the hourly chart, the SlowK is below SlowD, indicating a bearish signal, while the MACD is above the MACDAverage, suggesting a bullish signal.
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Hot Take: Bitcoin Faces Resistance as Bulls Struggle to Push Higher
The price of Bitcoin (BTC) has encountered resistance after reaching a high of 34732.18. Although there have been gains in October and throughout the year, selling pressure has intensified around key levels. Despite stop orders being triggered above upside targets, there are still potential areas of support and buying pressure for traders to watch.
Technical indicators suggest a mixed outlook for BTC’s price movement. While the moving averages indicate a bullish trend, other indicators such as SlowK and MACD show conflicting signals on different timeframes.
As Bitcoin faces challenges in breaking through resistance levels, it remains to be seen whether bulls can regain control and push prices higher.
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