Bitcoin (BTC) Price Analysis: 38000 in Reach of Breach Again – 24 November 2023
Bitcoin (BTC/USD) encountered additional selling pressure early in the Asian session as the pair reversed and headed lower from the 37653.67 area, representing a test of the 61.8% retracement of the depreciating range from 37875 to 37275.24. Selling pressure intensified around the 37407.36 area, right around the 23.6% retracement of the same depreciating range. BTC/USD recently established a fresh 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. The 38602.40 area is an important upside price objective related to buying pressure around the 19568.52 and 24900 levels.
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. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 36811.03 and the 100-bar MA (Hourly) at 36054.17.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
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