Bitcoin (BTC) Price Analysis: Strong Momentum Favoring Longs – 7 November 2023
Bitcoin (BTC/USD) maintained positive momentum early in the Asian session as the pair remained in striking distance of a fresh multi-month high around the 35997.80, its strongest print since May 2022. Bids surfaced around the 34500 level and chased BTC/USD higher to the 35410 area, representing a test of the 23.6% retracement of the appreciating range from 33400 to 35997.80. Buying pressure later emerged around the 34753.66 area and pushed BTC/USD higher to the 35410 level, representing a test of the 23.6% retracement of the broader appreciating range from 33000 to 35997.80. BTC/USD’s recent high around the 35997.80 area represented a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas. The recent high also represented a test of the 50% retracement of a historical depreciating range from 69000 to 15460, and also represented a test of the 61.8% retracement of the depreciating range from 48240 to 15460. Traders also elected Stops above the 34190.77 area during the ongoing appreciation to multi-month highs, a previous significant downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels. Additional upside price objectives include the 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 levels. Following the surge higher, areas of technical support and potential buying pressure include the 33761, 33378, 32377, 31758, 31259, and 30448 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 34655.89 and the 50-bar MA (Hourly) at 34912.03.
Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below.
Technical Resistance is expected around 36541.57/ 37239.15/ 38584.16 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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