"Bitcoin (BTC) Price Update: Bulls Regain Momentum, Testing $37,235 on November 12, 2023
Bitcoin (BTC/USD) saw a resurgence in upward movement during the Asian session, with additional buying interest above the 38.2% retracement level at 36,892.78. The climb temporarily halted around 37,221.93, marking the 50% retracement level of the recent downturn from 37,548.80 to 36,923.15.
Noteworthy stops were triggered above key levels, including 34,965.04 and 37,516.08, as BTC/USD reached its highest point since May 2022. Upside price objectives now include levels around 19,568.52, 15,460, and 24,900, with further targets at 38,602, 42,721, and 44,481.
For potential support, watch key levels at 34,757, 33,499, 32,873, 32,561, 31,351, and 30,837.
Recent stops were also elected above 35,912.28, the 38.2% retracement from the all-time high of 69,000 to 15,460. Significant stops were also triggered above 37,362.84 during the climb to eighteen-month highs, linked to historical buying pressure around 38,58 and 15,460.
Technical indicators show the 50-bar MA (4-hourly) bullish above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) also signals bullish momentum above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Current price activity hovers near the 50-bar MA (4-hourly) at 35,613.79 and the 50-bar MA (hourly) at 36,958.23.
Looking ahead, anticipate technical support around 31,238.97, 30,028.62, and 28,818.26, with stops expected below. Resistance levels are projected at 38,584.16, 39,596.82, and 42,721.31, with stops expected above.
Analyzing the 4-hourly chart, SlowK is bearish below SlowD, and MACD is bearish below MACDAverage. However, on the 60-minute chart, SlowK is bullish above SlowD, while MACD is bearish below MACDAverage."