Bitcoin (BTC) Price Analysis: Short-Term Shakeout Following Volatility – 23 November 2023

Bitcoin (BTC) Price Analysis:Short-Term Shakeout Following Volatility – 23 November 2023

Bitcoin (BTC/USD) encountered a moderating technical bias early in the Asian session as the pair rebounded from the 35633 level after experiencing volatility, representing a test of an upside price objective around the 35631 area that is related to recent buying pressure around the 33000 and 34126 levels.Upside activity moderated around the 36782 area, a test of the 36804 area that represents a downside price objective linked to recent selling pressure around the 37439 area.BTC/USD recently established a fresh 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 36673.29 and the 200-bar MA (Hourly) at 36684.61.

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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis

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.

Source