Bitcoin (BTC) Price Analysis:  Expanding Volatility Clouds Technical Outlook – 4 November 2023

Bitcoin (BTC/USD) experienced fresh technical uncertainty early in the Asian session as the pair encountered expanding volatility after recently printing as high as the 35997.80 area.  Recent selling pressure around the 35997 and 35498 levels resulted in BTC/USD testing a downside price objective around the 34214 level.   Related downside price objectives include the 34143, 33943, 33724, 33663, 33459, and 32859 levels.  Traders recently added to long positions by chasing BTC/USD higher to the 35997.80 area, representing a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas.  The recent high also represented a test of the 50% retracement of a historical depreciating range from 69000 to 15460, and also represented a test of the 61.8% retracement of the depreciating range from 48240 to 15460. 

Stops were also elected above the 34190.77 area during the appreciation, a previous downside price objective related to historical selling pressure around the all-time high of 69000 and 59249 levels.   Additional upside price objectives include the 36115, 36541, 36798, 37239, 37890, 38409, 38561, 38584, 39636, 40549, 40743, 40837, 41402, 43841, <

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Author: Sally Ho

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