Bitcoin (BTC) Price Analysis:  Strong Momentum Favoring Longs – 7 November 2023

Bitcoin (BTC/USD) maintained positive momentum early in the Asian session as the pair remained in striking distance of a fresh multi-month high around the 35997.80, its strongest print since May 2022.  Bids surfaced around the 34500 level and chased BTC/USD higher to the 35410 area, representing a test of the 23.6% retracement of the appreciating range from 33400 to 35997.80.   Buying pressure later emerged around the 34753.66 area and pushed BTC/USD higher to the 35410 level, representing a test of the 23.6% retracement of the broader appreciating range from 33000 to 35997.80.  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. 

Traders also elected Stops 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, 36798, 37239, 37890,

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Author: Sally Ho

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