Bitcoin (BTC) Price Analysis: Orbiting 36372 Retracement Level – 18 November 2023
Bitcoin (BTC/USD) regained some recent lost ground early in the Asian session as the pair appreciated to the 36674.75 level after being lifted from the 35511.11 level, right around the 76.4% retracement of the appreciating range from 34758.64 to 37987. Despite the latest 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 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 36707.93 and the 100-bar MA (Hourly) at 36495.23.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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