Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin (BTC) Price Analysis: Bulls Test Major 35982 Target – 3 November 2023

Bitcoin (BTC) Price Analysis: Bulls Test Major 35982 Target – 3 November 2023

CryptodailyCryptodaily2023/11/02 16:57
By:Sally Ho

Bitcoin (BTC) Price Analysis:  Bulls Test Major 35982 Target – 3 November 2023



Bitcoin (BTC/USD)
sought to retain renewed upside momentum early in the Asian session as the pair escalated higher to its strongest print since May 2022.  Traders added to long positions by chasing BTC/USD higher to the 35997.80 area, representing a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas.  Notably, 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 recently elected above a series of upside price objectives including the 33819, 33755, 34826, and 35035 levels.

Major Stops were also elected above the 34190.77 area during the appreciation, a previous 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 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 34332.07 and the 50-bar MA (Hourly) at 34605.13.

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 Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below 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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ripple announces tokenized money market fund launching on XRP Ledger

Ripple said a tokenized money market fund has launched on the XRP Ledger.The launch was made possible through a partnership with Archax, an FCA-regulated digital asset exchange.

The Block2024/11/25 21:23

The Daily: MicroStrategy buys record $5.4 billion in bitcoin, Sky Mavis cuts 21% of its workforce and more

Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday.Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a “shift in priorities,” according to CEO and co-founder Trung Nguyen.Solana’s decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a r

The Block2024/11/25 21:23

Justin Sun's Tron buys $30 million of Trump-backed World Liberty Financial tokens

Tron founder Justin Sun said his firm has bought $30 million worth of World Liberty Financial tokens, the crypto project supported by newly-elected U.S. President Donald Trump.Sun said the purchase made Tron the largest investor in World Liberty Financial.

The Block2024/11/25 21:23