Bitcoin (BTC) Price Analysis
As Bitcoin (BTC/USD) encountered additional upside traction early during the Asian session, the pair stayed strong around the 36404 area, slightly above the 50% retracement of the recent appreciating range from 34758.64 to 37987. BTC/USD continued to trade close to its recent eighteen-month high around the 37999 level. Various upsides and downsides were observed during the surge high, with the pair hitting significant stops at multiple levels as it continued to trade within striking distance of its recent high.
After the recent appreciation, areas of technical support and potential buying pressure were identified at specific levels. The 50-bar MA on the 4-hourly chart was indicating bullish 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 above SlowD, and MACD was Bullishly above MACDAverage. On the 60-minute chart, SlowK, and MACD values indicated different trends.
Hot Take: Bitcoin (BTC) Price Analysis Summary
In summary, Bitcoin (BTC/USD) saw continued upside traction during the Asian session, maintaining its position close to its recent eighteen-month high. Various technical indicators and support/resistance levels were identified, indicating potential buying pressure and areas of upside objectives. Traders were closely observing the 4-hourly and 60-minute charts for bullish and bearish signals, preparing for potential next moves in the BTC/USD pair.
Bitcoin (BTC) Price Analysis: Activity Gravitating to 36372 Technicals – 20 November 2023
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