[Bitop Market Review] Bitcoin Price Analysis on November 29, 2023

Bitop Exchange
2 min readNov 29, 2023

1. Price Trend:

Bitcoin’s price has returned to the support area around $36,720 and initiated a new upward movement, surpassing $37,000 and even rallying notably above $37,500. However, bearish activity emerged near the $38,500 resistance, forming a peak around $38,390, leading to a corrective adjustment in the price.

Currently, the trading price is above $37,500 and the 100-hour simple moving average.

2. Potential Upside Opportunities:

Bitcoin faces immediate resistance around $38,200, with the first major resistance forming near $38,400.

The primary resistance currently stands near $38,500, and a breakthrough at this level could trigger a strong upward movement.

The next crucial resistance might be around $39,200, and surpassing this level could propel Bitcoin to $39,500 or even encounter resistance at $40,000.

3. Potential Downside Risks:

If Bitcoin fails to breach the $38,400 resistance, immediate support lies around $37,600.

The next significant support is at $37,500, and breaking below this level poses further downside risks, potentially leading the price toward the $36,720 support level in the short term.

4. Technical Indicators:

Hourly MACD — The MACD for BTC/USD is losing momentum in the bullish zone, indicating a potential slowdown in the upward momentum or a possible sideways movement.

Hourly RSI — The RSI for BTC/USD is currently above the 50 level, suggesting a relatively positive market, possibly due to stronger buying pressure or a more positive market trend.

Resistance levels:

First resistance: 38000

Second resistance: 38500

Support levels:

First support: 37200

Second support: 36700

Trading direction: Short

Entry position: 38400–38500

Stop loss: 39000

Take profit: 37500–37400

Trading direction: Long

Entry position: 37300–37200

Stop loss: 36800

Take profit: 37900–38000

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