Bitcoin (BTC) Price Analysis: Bulls Resume Climb and Test 37235 – 12 November 2023
Bitcoin (BTC/USD) resumed its upside gains early in the Asian session as the pair encountered additional bids above the 36892.78 level, representing the 38.2% retracement of the appreciating range from 35103.14 to 37999. Upside progress was temporarily paused around the 37221.93 area, representing the 50% retracement of the depreciating range from 37548.80 to 36923.15. Significant Stops were elected above the 34965.04 and 37516.08 levels during the recent appreciation to BTC/USD’s strongest print since May 2022, upside price objectives associated with buying activity around the 19568.52, 15460, and 24900 levels. Additional upside price objectives in these appreciating ranges include the 38602, 42721, and 44481 areas. Following the ongoing appreciation, areas of technical support and potential buying pressure include the 34757, 33499, 32873, 32561, 31351, and 30837 levels.
Large Stops were also recently elected above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high of 69000 to 15460. Additionally, major Stops were triggered above the 37362.84 area during the steep climb to eighteen-month highs, an upside price objective related to historical buying pressure around the 3858 and 15460 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 35613.79 and the 50-bar MA (Hourly) at 36958.23.
Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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