Bitcoin (BTC) Price Analysis:  Moderation After Again Testing 35912 – 9 November 2023

Bitcoin (BTC/USD) ceded some recent gains early in the Asian session as the pair moderated after again testing the 35912 area, representing the 50% retracement of a broad trading range from 69000 to 15460.   Renewed buying pressure emerged around the 34530.67 area during the surge higher, representing a test of an upside price objective related to upside activity this year around the 19568.52 and 24750 levels.  A series of higher highs and higher lows suggest positive range expansion may continue above recent 18-month highs around the 35997.80 level, its strongest print since May 2022.  BTC/USD’s recent long-term high around this 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 ongoing appreciation to multi-month highs, 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,

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Author: Sally Ho

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