Bitcoin (BTC) Price Analysis:Technical Sell-Off from 37675 – 22 November 2023
Bitcoin (BTC/USD) yielded some recent gains early in the Asian session as the pair encountered selling pressure around the 37675.77 area, just below the 78.6% retracement of the depreciating range from 37776.23 to 37314.26.Stops were elected below the 37175.37 area during the pullback, a downside price objective related to recent selling pressure around the 37439.62 level.Additional related downside price objectives include the 36989.76, 36804.15, 36574.50, and 36203.29 levels.BTC/USD recently established a new 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 bullishly indicating above the100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 36721.81 and the 50-bar MA (Hourly) at 37211.79.
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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