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BITCOIN TECHNICAL ANALYSIS-$36,400: Buying Opportunity or Red Signals?

Key Takeaways
  • BTC exhibits a potential double top on the hourly chart, signaling weakness
  • Bitcoin fails to breach upper boundary of ascending channel, retreats
  • Bitcoin displayed Tweezer Top candles on the daily chart yesterday
17-Nov-2023 By: Lokesh Gupta
BITCOIN TECHNICAL AN

Bitcoin struggles to surpass $38,000 resistance and fell down

  • Bitcoin experienced a drop on Thursday following the release of new macroeconomic data, attributed to stronger-than-expected unemployment claims.

  • The US dollar index (DXY) retreated, nearing 104 and approaching its lowest point since early September.

  • The U.S. Securities and Exchange Commission (SEC) announced a delay in the decision regarding Hashdex's application to transform its current bitcoin futures exchange-traded fund (ETF) into a spot vehicle.

Technical Views:-

  • According to Coingabbar Technical Analysis indicates a potential double top formation for BTC, hinting at a decline towards the $34,500 support level.

  • A bearish reversal pattern is suggested by the Tweezer Top candle on the daily BTC chart.

  • Bitcoin is undergoing a significant pullback, having rejected resistance once more at the $38,000 level within the Ascending Channel pattern.

  • The 4-hour chart reveals support for Bitcoin's price at the 100-four hourly moving average and the trendline, situated around $35,500.

  • Potential scenarios: If BTC fails to breach resistance, a price drop to the $35,500-$34,500 range is anticipated. Conversely, a successful breach and close above $38,000 could lead to price levels in the $40,000-$45,000 range.

KEY LEVELS :

RESISTANCE LEVEL : $36,800-$37,200

SUPPORT LEVEL : $36,000-$35,500

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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