Bitcoin (BTC) Price Analysis: 38832 an Important Technical Hurdle – 27 November 2023

Bitcoin (BTC) Price Analysis:  38832 an Important Technical Hurdle – 27 November 2023

Bitcoin (BTC/USD) worked to add to monthly gains early in the Asian session as the pair eyed additional upside advances after recently establishing a fresh eighteen-month high dating to early May 2022.  Stops were recently elected above the 38066.89 area, an upside price objective associated with buying pressure around the 19568.52 and 24750 levels.    The 38602.40 area remains a significant technical level as does the 38832.71 area, a previous downside price objective related to the all-time high around the 69000 figure.  Traders are also 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 37022.89 and the 50-bar MA (Hourly) at 37214.61.

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 Bullishly above MACDAverage.

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