BTC/USD Bursts Above 19000: Sally Ho's Technical Analysis 24 November 2020 BTC

BTC/USD Bursts Above 19000:  Sally Ho's Technical Analysis 24 November 2020 BTC

Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 19469 area after trading as low as the 18052.02 level in the Asian session.  Stops were elected above the 18980 area, a recent relative high, and the pair remains within striking distance of the all-time high around the 19891.99 area.  Above that area, traders are carefully monitoring the 20311.36 and 21909.24 areas as upside price objectives.  Similarly, the 20534.46 area is an upside price objective related to buying demand that originated earlier this year around the 6854.67 area.  Chartists observed that ETH/USD tested the 50-bar 4-hourly simple moving average during the European session.

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 17657.16, 17306.03, 16304.69, 16092.69, and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18094.64 and the 100-bar MA (Hourly) at 18583.74.

Technical Support is expected around 17657.16/ 17306.03/ 16304.69 with Stops expected below.

Technical Resistance is expected around 19496.91/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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