Bitcoin (BTC) Price Analysis: Fading Below 35048 Technicals – 5 November 2023
Bitcoin (BTC/USD) is experiencing a slight decline in the Asian session, dropping from the 34100 area to around 35014.99. This represents a test of the 50% retracement level in the range between 35997.80 and 34100. Other retracement levels within this range include 35272.94, 35549.92, and 35591.67.
The recent high of BTC/USD at 35997.80 also tested an upside price objective related to previous buying pressure at the 28122 and 32525 areas. It also tested the 50% retracement level of a historical range from 69000 to 15460, as well as the 61.8% retracement level of a range from 48240 to 15460.
After the surge higher, potential support levels for BTC/USD are observed at 32992, 31652, 31238, 30570, 30028, and 29488. The technical indicators show that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on the hourly chart, the 50-bar MA is bearishly indicating below the 100-bar MA but above the 200-bar MA.
The nearest price activity is around the 50-bar MA (4-hourly) at 34487.97 and the 100-bar MA (hourly) at 34724.07.
Technical support is expected around 31238.97/30028.62/28818.26 with stops below, while technical resistance is expected around 36541.57/37239.15/38584.16 with stops above.
On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage.
Hot Take: Bitcoin Struggles to Maintain Gains
Bitcoin (BTC) has been facing resistance as it struggles to maintain its recent gains. The cryptocurrency experienced a slight decline in the Asian session, testing retracement levels and support areas. Despite reaching a recent high and testing various retracement levels, BTC/USD has failed to sustain its upward momentum.
Traders are closely watching the technical indicators, which show mixed signals. While the 50-bar MA (4-hourly) indicates bullishness, the hourly chart reveals a bearish indication. This suggests that BTC/USD may face further volatility and uncertainty in the near term.
Support levels have been identified at various price points, indicating potential buying pressure. However, resistance levels are also present, which may impede BTC/USD’s upward movement.
Overall, Bitcoin’s price analysis suggests that it is currently struggling to maintain its gains and faces challenges in establishing a clear direction for future price movements.
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