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Bitcoin Technical Analysis: Experts Target $38K Despite Intense Resistance

Scrutinizing Bitcoin’s Market Position: Aiming for a $38K Breakthrough Amid Solid Resistance

Bitcoin’s value experienced a steady ascension as of November 24, 2023, leveling at $37,903. In the duration of the last 24 hours, BTC witnessed a variation within $36,972 and $38,078. The augmented trading volume of $17.41 billion hints towards a vigorous market activity concluding the week. It commands a market cap of an astounding $737 billion as of now.

The Outlook for Bitcoin

The technical markers draw a promising future for Bitcoin (BTC). As per the oscillators, including the relative strength index at 62 and the Stochastic at 83, the standing is neutral for now. However, an increasing momentum is suggested by the commodity channel index, which stands at 123 at present. This blend of statistics indicates that the market is neither underbought nor oversold and possibly preparing for some augmented price actions.

Simultaneously, moving averages project a unanimously encouraging sentiment. The exponential and simple moving averages over various time frames (10, 20, 30, 50, 100, and 200 days) all indicate a positive trajectory for BTC’s price momentarily. The unanimous agreement across distinct time frames points at a steady and protracted bullish trend, thus solidifying the optimistic sentiment amidst traders.

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The analysis of the 4-hour chart suggests a hopeful trend for Bitcoin. The chart showcases a fresh upward trend characterized by higher peaks and higher troughs. The surge in volume accompanying this upward trend signifies strength in the ongoing movement. Such a pattern typically symbolizes a sustained buying interest, and it could even indicate further price escalations.

Considering resistance and support levels, BTC immediately faces resistance around the recent peak of $38,078. On the other hand, a considerable support level is established at the earlier trough of approximately $35,539. These levels are of critical significance for traders to keep an eye on as they can provide insights into potential breakout or retracement situations.

Entry and exit points that could prove favorable are as follows: A potential entry around the $37,000 mark coincides with the latest breakout stage. This price level could now perform the role of a vital support level after serving previously as resistance. In terms of devising an exit stratagem, traders should ponder about taking profits close to the recent peak of $38,078 or implement a trailing stop loss if they predict a continuation of the upward trend.

Are The Bulls Winning?

According to technical analysis of BTC/USD on November 24, 2023, there’s a strong indication of a bullish trend. Both oscillators and moving averages are aligned in suggesting a continued upward momentum. With a regular pattern of higher highs and higher lows combined with a robust market capitalization, the market sentiment leans towards positivity.

Or Could The Bears Take Over?

Although the prevailing indicators suggest bullishness, the potential for a bearish perspective for BTC on November 24, 2023, can’t totally be ruled out. The crypto market is infamously known for its volatility, and a spontaneous shift in investor sentiment or external economic circumstances might throw the prevailing trend off gear. The resistance level close to $38,078 may emerge as a significant obstacle and any inability to surpass this could lead to a price correction.

How Quantumprofit Can Help

Our application, Quantumprofit, can be an extremely handy tool in dealing with these market scenarios. It is designed to provide you with real-time analytics and AI-based market predictions ensuring that you always stay a step ahead in your trading decisions. Whether you’re dealing with bull or bear markets, Quantumprofit empowers you to make informed decisions with the power of advanced technologies.

Frequently asked Questions

1. What is Bitcoin technical analysis?

Bitcoin technical analysis is a method used by experts to predict the future price movements of Bitcoin based on historical data, market trends, and various technical indicators. It involves studying price charts, patterns, and other statistical tools to identify potential buying or selling opportunities.

2. How do experts determine the target price of $38,000 for Bitcoin despite intense resistance?

Experts determine the target price of $38,000 for Bitcoin despite intense resistance by analyzing key levels of support and resistance on the price charts. They consider historical price behavior at these levels, as well as the presence of any significant bullish indicators or patterns that could indicate a potential breakout or surge in price.

3. What are the factors that contribute to the intense resistance in Bitcoin’s price?

Several factors contribute to the intense resistance in Bitcoin’s price. These include the presence of a strong psychological resistance level, the selling pressure from traders looking to take profits, market sentiment, regulatory announcements, and any significant news events that could impact the overall sentiment towards Bitcoin.

4. How reliable is Bitcoin technical analysis in predicting price movements?

Bitcoin technical analysis provides valuable insights into potential price movements, but it is important to note that it is not an exact science and cannot guarantee accurate predictions. It is based on historical data and statistical patterns, which may not always repeat themselves in the future. Therefore, while it can be a useful tool for decision-making, it should be used in conjunction with other forms of analysis and risk management strategies.

5. Can Bitcoin technical analysis be used for short-term as well as long-term price predictions?

Yes, Bitcoin technical analysis can be used for both short-term and long-term price predictions. Short-term analysis focuses on identifying short-term trends, support, and resistance levels, and potential trading opportunities within a few days or weeks. Long-term analysis, on the other hand, aims to identify major trends and price targets that could unfold over several months or years.

6. What are some common technical indicators used in Bitcoin technical analysis?

Some common technical indicators used in Bitcoin technical analysis include moving averages, MACD (Moving Average Convergence Divergence), RSI (Relative Strength Index), Bollinger Bands, Fibonacci retracement levels, and volume indicators. These indicators help experts identify trends, overbought or oversold conditions, and potential reversals in Bitcoin’s price.

7. How can Bitcoin technical analysis be helpful for traders and investors?

Bitcoin technical analysis can be helpful for traders and investors as it provides them with valuable insights into potential price movements and market trends. By understanding the technical aspects of Bitcoin’s price, they can make more informed decisions regarding buying, selling, or holding Bitcoin. It also helps them identify potential entry or exit points, manage risk, and develop trading strategies based on historical patterns and market behavior.