Bitcoin Price Analysis: Bulls Eyeing 20836 — 5 November 2022

BTC/USD Bulls Eye 20836: Sally Ho’s Technical Analysis – 5 November 2022

Bitcoin (BTC/USD) orbited some key technical levels early in the Asian session as the pair worked to remain above the 20055 area, representing the 50% retracement of the appreciating range from 18131 to 21080. Traders previously lifted BTC/USD to the 20805 area, representing a test of the 61.8% retracement of the depreciating range from 21080 to 20237. Additional retracement levels in the same appreciating range include the 19600, 19039, and 18954 levels, with Stops in place below these areas. The earlier move higher to the 20805 area also represented a test of the 38.2% retracement of the depreciating range from 25214.57 to 18131.

BTC/USD bears observe larger Stops accumulating below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Stops are also accumulating below the 19711 and 19355 areas. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 20506.95 and the 50-bar MA (Hourly) at 20311.73.

Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.

Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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

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.

Source