Bitcoin (BTC) Price Analysis: Upside Technical Bias Remains Firm – 21 November 2023
Bitcoin (BTC/USD) extended ongoing positive momentum early in the Asian session as the pair traded back above the 37225.11 area, representing the 23.6% retracement of the recent appreciating range from 34758.64 to 37987. Traders lifted BTC/USD to the 37546.62 area when testing the 37516.08 level, an upside price objective related to historical buying pressure around the 15460 and 24900 levels. Additional upside price objectives in these appreciating ranges include the 38602, 42721, and 44481 areas, with large Stops cited above the 38602.40 area, another upside price objective related to buying pressure around the 19568.52 and 24900 levels. BTC/USD will require additional upside momentum to establish a new eighteen-month high above the 37999 level.
Large Stops were also recently elected above the 35912.28 area and 37362.84, 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 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 36686.91 and the 50-bar MA (Hourly) at 36756.91.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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