Bitcoin (BTC) Price Analysis: Bitcoin Up 127% in 2023 – 2 December 2023
Bitcoin (BTC/USD) worked to retain its November monthly gains early in the Asian session as the pair orbited key technical levels following renewed upside momentum above the 37225 level. Strong upside moves notched BTC/USD a gain of 8.8% in November, and also elevated its year-to-date performance above 127%. Technical bids emerged around the 37500 level, representing a test of the 61.8% retracement of the appreciating range from 36888 to 38480. Major Stops were elected above the 38066.89 area during the recent surge, an upside price objective associated with buying activity around the 19568.52 and 24750 levels. The 43781.04 area is another major upside price objective related to this historical upside activity, and other significant technical levels include the 42230 and 42288 areas. 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 and 41225 levels. Below recent price activity, additional downside price objectives include the 36705, 36528, 36455, 36259, 36164, 36122, 35983, 35624, and 35220 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 37476.23 and the 50-bar MA (Hourly) at 37882.33.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Sally Ho’s Technical Analysis
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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.
