Bitcoin Analysis November 20, 2023

Create at 7 months ago (Nov 20, 2023 17:04)

The price of Bitcoin still fluctuates in the short term.

Bitcoin continues to adjust upwards steadily, following its low point of around $16,000 last year. The increased upward adjustment this time is still hopeful for the potential approval of a Bitcoin ETF in the near future. Additionally, the Bitcoin halving expected to take place in April next year is also a factor drawing investor attention. Predictions speculate a substantial increase in the price of Bitcoin up to $100,000 due to the occurrence of this halving.


Amid the Securities and Exchange Commission's (SEC) delayed decision regarding the Bitcoin ETF, investor optimism is rising. The SEC has yet to deny the establishment of this ETF but plans to extend its consideration period before approving it at an appropriate time.


Investors anticipate that the SEC's decision will materialize around January 10, potentially further boosting Bitcoin's price. Nevertheless, some caution that Bitcoin might only reach $37,000, advising smaller investors to be more cautious in trading. They argue that this price figure aligns closely with the Fair Value Gap (FVG) and may not increase without additional supporting factors in the near future. Moreover, there's a possibility that Bitcoin could reach a low point below $24,000.


In the recent past, Javier Milei was elected as President after a significant rise in inflation rates and concerns about an impending economic downturn in Argentina. Investors view Javier Milei as a leading supporter of various digital assets like Bitcoin, Ethereum, among others. His presidency could potentially bode well for the cryptocurrency market in the future.


Argentina currently faces internal economic struggles with rapid inflation, prompting the necessity for a carefully chosen President. Javier Milei proposes a solution by abandoning the Argentine peso and adopting the dollar fully. This move aims to increase expectations regarding the country's future monetary policies.


Javier Milei hasn't laid out concrete plans to recognize Bitcoin as legal tender or a reserve currency. However, his election has sparked short-term profit-taking in Bitcoin. Furthermore, investors anticipate that Argentina may undergo changes akin to El Salvador's Bitcoin adoption, making digital currencies legally spendable.

Techical analysis data (5H)

Resistance: 37325.6, 37498.3, 37626.6

Support: 37024.6, 36896.3, 36723.6

 

Bitcoin Analysis todaySource: Investing.com

 

Buy/Long 1: If the price touches support in the price range of 36896.3 - 37024.6 but cannot break the support at 37024.6, you may set a TP at approximately 37498.3 and SL at around 36723.6 or according to your acceptable risk.

 

Buy/Long 2: If the price breaks the resistance in the price range of 37325.6 - 37498.3, you may set a TP at approximately 37626.6 and SL at around 36896.3 or according to your acceptable risk.

 

Sell/Short 1: If the price touches resistance in the price range of 37325.6 - 37498.3 but cannot break the resistance at 37325.6, you may set a TP at approximately 36896.3 and SL at around 37626.6 or according to your acceptable risk.


Sell/Short 2: If the price breaks the support in the price range of 36896.3 - 37024.6, you may set a TP at approximately 36723.6 and SL at around 37498.3 or according to your acceptable risk.

 

Pivot Points November 20, 2023 04:57 PM GMT+7
 
Name
S3
S2
S1
Pivot Points
R1
R2
R3
Classic 36723.6 36896.3 37024.6 37197.3 37325.6 37498.3 37626.6
Fibonacci 36896.3 37011.3 37082.3 37197.3 37312.3 37383.3 37498.3
Camarilla 37070.2 37097.8 37125.4 37197.3 37180.6 37208.2 37235.8
Woodie's 36701.4 36885.2 37002.4 37186.2 37303.4 37487.2 37604.4
DeMark's - - 36960.5 37165.2 37261.5 - -
______________________________
Maximize your knowledgeBlog
Keep up to date on global events:News
Explore in-depth analysis: Analysis
Tags:

TECHNICAL ANALYSIS

ARTICLES