Bitcoin (BTC) Price Analysis:36777 Tested on Profit-Taking – 28 November 2023
Bitcoin (BTC/USD) continued to pare recent gains early in the Asian session as the pair came off to the 36777 level, a near-perfect test of a downside price objective related to recent selling pressure around the 38454 and 37984.40 levels.The 36259.61 is a major downside price objective related to these levels, with Stops cited below.Stops were elected below the 37218 and 36837 levels during the retreat lower, downside price objectives related to recent selling pressure around the 37761.93 area.Additional downside price objectives include the 36705, 36528, 36455, 36259, 36164, 36122, 35983, 35624, and 35220 levels.
Following the recent appreciation, areas of technical support and potential buying pressure include the 33499, 32873, 32561, 31351, and 30837 levels.Above the market, significant technical levels linked with historical selling pressure around the 69000 and 48240 areas include the 40503, 41225, and 42230 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 100-bar MA (4-hourly) at 36951.53 and the 200-bar MA (Hourly) at 37182.99.
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 Bearishly below MACDAverage.
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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.
