Bitcoin (BTC) Price Analysis
As Bitcoin (BTC) (BTC/USD) encountered additional upside traction early during the Asian session, the pair stayed strong around the 36404 area, slightly over the 50% retracement of the recent appreciating range from 34758.64 to 37987. BTC/USD continued to trade next to its recent eighteen- 30 days high around the 37999 level. Various upsides and downsides were observed during the surge high, with the pair hitting whole lot of stops at multiple levels as it continued to trade within striking distance of its recent high.
Following the recent appreciation, areas of technical support and probable buying pressure were identified at specific levels. The 50-bar MA on the 4-hourly chart was indicating positive trend trends, while the 50-bar MA on the hourly chart was showing bearish signals, along with other technical support and resistance levels.
Technical Indicators and Support/Resistance Levels
Price activity was nearest to the 50-bar MA (4-hourly) and the 100-bar MA (Hourly). Technical support was expected at specific levels, while resistance was anticipated at other levels. On the 4-Hourly chart, SlowK was Bullishly over SlowD, and MACD was Bullishly over MACDAverage. On the 60-minute chart, SlowK, and MACD values indicated different trends.
Hot Take: Bitcoin (BTC) Price Analysis Summary
In conclusion, Bitcoin (BTC) (BTC/USD) saw continued upside traction during the Asian session, maintaining its position next to its recent eighteen- 30 days high. Various technical indicators and support/resistance levels were identified, indicating probable buying pressure and areas of upside objectives. Traders were closely observing the 4-hourly and 60-minute charts for positive trend and bearish signals, preparing for probable next moves in the BTC/USD pair.
Bitcoin (BTC) Price Analysis: Activity Gravitating to 36372 Technicals – 20 November 2023
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