Bitcoin (BTC) Price Analysis: Pause After 37999 Print – 11 November 2023
Bitcoin (BTC/USD) is taking a breather in the Asian session, after reaching a high of 37999, the highest level since May 2022. The climb higher triggered stops above the 37890.82 level, which is a price objective related to buying pressure at the 26521 and 29705 levels. The pullback found support around 35672, which is the 78.6% retracement of the range from 34530.67 to 37999. Stops were also triggered above the 34965.04 and 37516.08 levels, which are upside price objectives associated with buying activity at the 19568.52, 15460, and 24900 levels. Additional upside price objectives are seen at the 38602, 42721, and 44481 levels. Technical support and potential buying pressure can be found at the 34757, 33499, 32873, 32561, 31351, and 30837 levels.
Stops were recently triggered above the 35912.28 level, which is the 38.2% retracement of the range from the all-time high of 69000 to 15460. Major stops were also triggered above the 37362.84 level, which is an upside price objective related to historical buying pressure at the 3858 and 15460 levels. The moving averages on the 4-hourly chart show a bullish indication, with the 50-bar MA above the 100-bar MA and above the 200-bar MA. The same is true for the hourly chart, where the 50-bar MA is above the 100-bar MA and above the 200-bar MA.
The nearest moving averages are the 50-bar MA (4-hourly) at 35372.77 and the 50-bar MA (hourly) at 36434.61. Technical support is expected at 31238.97, 30028.62, and 28818.26, with stops expected below. On the other hand, technical resistance is expected at 38584.16, 39596.82, and 42721.31, with stops expected above.
On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bullish above MACDAverage. However, on the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullish above MACDAverage.
Disclaimer: This 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.