Bitcoin Price Holds Uptrend Support, Gold Consolidates
Key Highlights
- Bitcoin price started a fresh decline from the $37,750 resistance.
- BTC is still above a major bullish trend line with support at $35,800 on the 4-hour chart.
- Gold prices climbed higher toward the $2,000 resistance.
- Oil prices are struggling to recover above the $78.50 resistance.
Bitcoin Price Technical Analysis
Bitcoin price made a few attempts to gain strength above $37,750 and $38,800. However, BTC failed to extend gains and started a downside correction below $37,500.
Looking at the 4-hour chart, the price declined steadily below the $37,000 and $36,500 levels. It even spiked below the $36,000 level and the 100 simple moving average (red, 4 hours). However, the bulls were active near the $35,600 level.
BTC seems to be holding a major bullish trend line with support at $35,800 on the same chart. A low was formed near $35,608 and the price is still in a positive zone.
If there is a fresh increase, Bitcoin could face resistance near $37,600. The next resistance is near $38,000. A successful close above the $38,000 level might start a decent increase. In the stated case, the price may perhaps rise toward the $40,000 level.
If not, the price might continue to move down. The bears could attempt a downside break below the trend line support and the $36,500. The next major support is near $35,000 or the 200 simple moving average (green, 4 hours). Any more losses might send the price toward the $34,000 level.
Looking at gold prices, it is now consolidating gains and might soon attempt a fresh move above the $2,000 level.
Economic Releases
- Germany’s Manufacturing PMI for Nov 2023 (Preliminary) – Forecast 41.2, versus 40.8 previous.
- Germany’s Services PMI for Nov 2023 (Preliminary) – Forecast 48.5, versus 48.2 previous.
- Euro Zone Manufacturing PMI for Nov 2023 (Preliminary) – Forecast 43.4, versus 43.1 previous.
- Euro Zone Services PMI for Nov 2023 (Preliminary) – Forecast 48.1, versus 47.8 previous.
