Bitcoin (BTC) Price Analysis: More Gains Above 38480 – 3 December 2023
Bitcoin (BTC/USD) retained its strong upward bias early in the Asian session as the pair escalated higher to the 38883.13 area after reaching the 39000 figure, its strongest print since early May 2022. Stops were elected above the 38602.40 area during the climb, an upside price objective associated with buying pressure around the 19568.52 and 24900 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.
Above the market, significant technical levels linked with historical selling pressure around the 69000 and 48240 areas include the 40503 and 41225 levels. Following the recent appreciation, areas of technical support and potential buying pressure include the 38460, 38348, 37946, 37808, 37857, 37808, 37620, 37392, 37056, 36831, and 36720 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 37815.61 and the 50-bar MA (Hourly) at 38397.59.
Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.
Technical Resistance is expected around 39596.82/ 30842.80/ 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 Bearishly below 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.
