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Daily Technical Analysis Research 18.11.2024 – Cryptocurrency (BITCOIN)

By Matthew Hayward

November 18, 2024

3 min read

Daily Technical Analysis Research 18.11.2024 – Cryptocurrency...

BITCOIN (BTC/USD):

Bitcoin has resumed its remarkable upward trajectory, now trading once again above the $90,000 mark. This surge highlights the cryptocurrency’s sustained momentum, captivating both seasoned investors and newcomers as it reaches new milestones in the market.

Daily Technical Analysis Research 18.11.2024 - Cryptocurrency (BITCOIN) - Screenshot 2024 11 18 at 15.39.58 1024x621

A closer examination of the technical indicators reveals that Bitcoin appears to be in an “overbought” territory, as the RSI (Relative Strength Index) remains above the 70% threshold. From the technical analysis below, it’s evident that substantial support lies beneath the $80,000 level. Notably, a significant demand zone is positioned around $72,500, aligning with an internal ascending trend line. This trend line, which has previously played a key role in Bitcoin’s price movements, could potentially act as a strong support level once again.

Daily Technical Analysis Research 18.11.2024 - Cryptocurrency (BITCOIN) - Screenshot 2024 11 18 at 15.40.08 1024x619

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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