Technical analysis by Wealth_in_fortune about Symbol BTC: Buy recommendation (11/17/2023)

Bitcoin is down by -3.36%. Bitcoin price as on Nov 17, 2023, Bitcoin, the world's largest cryptocurrency, rose more than 5.3% on Wednesday to $37,978, near a one-week high. It has risen about 125% so far this year. Bitcoin's price dropped below $38,000 in the Asian trading session after reaching around $37,987. This decline happened after a recent increase from $34,758.64. There were stop orders triggered below $37,225.11, representing a 23.6% decrease from the recent high. Despite this pullback, Bitcoin is still close to its recent peak of $37,999. Significant stop orders were activated at various levels during the rise, with further upward targets at $38,602, $42,721, and $44,481. During the climb, large stop orders were also triggered at $35,912.28, which is 38.2% below the all-time high of $69,000. Major stops were also activated at $37,362.84, related to historical buying pressure. Key Levels: Support Levels: Watch for potential buying interest around $33,499, $32,873, $32,561, $31,351, and $30,837. Resistance Levels: Pay attention to potential selling interest around $38,584, $39,596, and $42,721. Bitcoin recently experienced a price drop but remains close to its recent high. Traders should watch for support around $31,238.97, $30,028.62, and $28,818.26, with resistance expected at $38,584.16, $39,596.82, and $42,721.31. Moving averages suggest a bullish trend in the 4-hour chart but a potential bearish trend in the hourly chart. The overall outlook is influenced by short-term fluctuations and historical price levels.