Bitcoin (BTC) Price Analysis:  Fading Below 35048 Technicals – 5 November 2023

Bitcoin (BTC/USD) continued to pare some recent gains early in the Asian session as the pair was lifted from the 34100 area before being given around the 35014.99 area, representing a test of the 50% retracement of the depreciating range from 35997.80 to 34100.   Additional upside retracement levels in this depreciating range include the 35272.94, 35549.92, and 35591.67 levels.  Stops were elected above the 34824.96 area during the appreciation, representing the 38.2% retracement of the same depreciating range.  BTC/USD’s recent high around the 35997.80 area represented 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 significant 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

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Author: Sally Ho

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