Bitcoin (BTC) Price Analysis: Fading Below 35048 Technicals – 5 November 2023
Bitcoin (BTC/USD) continued to pare some recent gains early in the Asian session as the pair was lifted from the 34100 area before being given around the 35014.99 area, representing a test of the 50% retracement of the depreciating range from 35997.80 to 34100. Additional upside retracement levels in this depreciating range include the 35272.94, 35549.92, and 35591.67 levels. Stops were elected above the 34824.96 area during the appreciation, representing the 38.2% retracement of the same depreciating range. BTC/USD’s recent high around the 35997.80 area represented a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas. The recent high also represented a test of the 50% retracement of a historical depreciating range from 69000 to 15460, and also represented a test of the 61.8% retracement of the depreciating range from 48240 to 15460.
Stops were also elected above the 34190.77 area during the appreciation, a previous significant downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels. Additional upside price objectives include the 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, 43860, and 44269 levels. Following the surge higher, areas of technical support and potential buying pressure include the 32992, 31652, 31238, 30570, 30028, and 29488 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 the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 34487.97 and the 100-bar MA (Hourly) at 34724.07.
Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below.
Technical Resistance is expected around 36541.57/ 37239.15/ 38584.16 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 Bullishly above MACDAverage.
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