Bitcoin (BTC) Price Analysis: Bullish Momentum Renewed – 26 November 2023
Bitcoin (BTC/USD) maintained a positive upside bias early in the Asian session as the pair remained resilient after gaining sufficient momentum to challenge the 38602.40 area, an upside price objective related to buying pressure around the 19568.52 and 24900 levels. Bulls recently lifted BTC/USD to the 38013 area after Stops were elected above the 38066.89 area, an upside price objective associated with buying pressure around the 19568.52 and 24750 levels. Traders are observing some additional significant technical levels linked with historical selling pressure around the 69000 and 48240 areas, including the 40503, 41225, and 42230 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 the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 36941.19 and the 50-bar MA (Hourly) at 37173.53.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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