BTC Price Analysis: Technical Downtrend from 37675 on 22/11/2023

BTC Price Analysis: Technical Downtrend from 37675 on 22/11/2023

Bitcoin (BTC) Price Analysis

Bitcoin (BTC/USD) recently had some gains early in the Asian session but encountered selling pressure around the 37675.77 area, just below the 78.6% retracement of the depreciating range from 37776.23 to 37314.26. Stops were elected below the 37175.37 area during the pullback, a downside price objective related to recent selling pressure around the 37439.62 level.

Additional related downside price objectives include the 36989.76, 36804.15, 36574.50, and 36203.29 levels. BTC/USD recently established a new eighteen-month high around the 37999 level after Stops were elected above the 37516.08 area, an upside price objective related to historical buying pressure around the 15460 and 24900 levels.

Amidst Selling and Buying Pressure

Large Stops were also recently elected above the 35912.28 area and 37362.84 areas, important technical levels related to the all-time high of 69000 and also related to historical buying pressure around the 3858 and 15460 levels.  Following the recent appreciation, areas of technical support and potential buying pressure include the 33499, 32873, 32561, 31351, and 30837 levels.

Technical Indicators

Traders have observed that the 50-bar MA (4-hourly), 50-bar MA (hourly), and 200-bar MA (4-hourly) are all indicating bullish trends. Price activity is nearest the 50-bar MA (4-hourly) at 36721.81 and the 50-bar MA (Hourly) at 37211.79. Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below.

Resistance and Key Indicators

Technical Resistance is expected around 38584.16/ 39596.82/ 42721.31 with Stops expected above. On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

Hot Take: What’s Next for Bitcoin?

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Bitcoin (BTC/USD) has made recent gains but is facing resistance and support at key technical levels. Bulls and bears are both vying for control, and traders are closely monitoring key indicators for the next move. Technical support and resistance levels are crucial for determining the next trend for Bitcoin. As the market continues to fluctuate, keep an eye on the bearish and bullish indicators to anticipate the future direction of Bitcoin.

BTC Price Analysis: Technical Downtrend from 37675 on 22/11/2023
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