Bitcoin (BTC) Price Analysis:Bears Test 34907 Technicals – 16 November 2023
Bitcoin (BTC/USD) continued to trade very technically early in the Asian session as the pair awaited technical guidance after bears tested the 34757.45 area, representing the 23.6% retracement of the appreciating range from 24900 to 34907.64.Stops were elected below the 34907 area as traders tested the 34658.69 level, a recent upside price objective related to buying pressure around the 15460 and 19568 levels.Large Stops were also elected below the 35301 area during the retreat, a downside price objective related to recent selling pressure around the 37548 and 37067 levels.Despite the pullback, BTC/USD continues to trade within striking distance of its recent eighteen-month high around the 37999 level. Significant Stops were recently elected above the 34965.04, 37165.61, and 37516.08 levels during the appreciation, upside price objectives linked to the 15460, 19568.52, 24750, and 24900 levels.Additional upside price objectives in these appreciating ranges include the 38602, 42721, and 44481 areas.
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.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 the100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 35443.37 and the 200-bar MA (Hourly) at 36247.93.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Read the full article here