Additionally, a combination of buy and sell signals is appearing from the exponential moving average (EMA) and simple moving average (SMA) across different timeframes.

Bitcoin Technical Analysis Insights

  • The price of Bitcoin fluctuation from $35,579 to $37,904 in just 24 hours.
  • The volatile market conditions settled with BTC being traded at $36,387. 

Bitcoin showcased an upward trajectory before Friday's market activities, indicating increased buyer enthusiasm on Thursday. However, as it approached a peak of approximately $37,975, a significant decline ensued, indicating the possibility of either a corrective phase or the beginning of a trend reversal.

The current market dynamics once again emphasize the need for a cautiously optimistic approach when formulating trading strategies for the weekend. Long positions in bitcoin may present themselves if the price surpasses its recent consolidation peak, particularly if it exceeds $36,500. It is advisable to confirm such movements with an increase in trading volume.

To maximize gains, it may be wise to aim for an exit near the previous peak of $37,975, which could serve as a resistance level.

On the other hand, if the price fails to sustain its position above these consolidation levels, it would be wise to take a short position with a target close to the previous support level of $35,000. The market's moderate confidence indicates its underlying strength, but it also suggests the importance of caution due to the potential for consolidation or reversal.

Despite occasional moments of tranquility, the market can quickly shift into periods of substantial volatility in its behavior.

Bitcoin Bullish Scenario

Despite its inherent volatility, Bitcoin's performance on November 17, 2023, continues to exhibit a positive trajectory. With a peak of $37,904 and a closing price surpassing the significant psychological threshold of $36,000, it is evident that a strong bullish sentiment persists.

BTC Bearish Scenario

Bitcoin's performance on November 17, 2023, has been viewed bearishly pessimistically due to its notable price volatility and inability to maintain upward momentum beyond key resistance levels. The extensive trading range observed throughout the day, coupled with the closing price below the day's peak, suggests a possible fatigue among buyers.