Bitcoin (BTC) Price Analysis:  Bears Wrest Short-Term Control – 14 November 2023

Bitcoin (BTC/USD) ceded some recent upside advances early in the Asian session as the pair traded below the 36674.10 area, representing the 38.2% retracement of the appreciating range from 34530.67 to 37999.   Stops were elected below the 36773.82 and 36690.35 levels during the depreciation, downside price objectives related to selling pressure around the 37442.48 and 37548.80 levels.  Additional downside price objectives include the 36567, 36425, 36360, 36180, 36105, 35831, 35692, and 35301 areas.   Despite the pullback, BTC/USD is trading within striking distance of its recent eighteen-month high around the 37999 level.  Significant Stops were recently elected above the 34965.04, 37165.61, and 37516.08 levels during the appreciation, upside price objectives linked to the 15460, 19568.52, 24750, and 24900 levels.  Additional upside price objectives in these appreciating ranges include the 38602, 42721, and 44481 areas. 

Large Stops were also recently elected above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high of 69000 to 15460.  Additionally, major Stops were triggered above the 37362.84 area during the steep climb to eighteen-month highs, an upsi

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Author: Sally Ho

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