Bitcoin Technical Analysis: Overcoming $38K Resistance Level to Propel BTC Forward

Bitcoin's Recent Price Swing and Current Market Status

Between November 16 and 17, 2023, bitcoin (BTC) experienced a significant shift in its value, with its price fluctuating from $35,579 to $37,904 within a span of 24 hours. Currently, the market has stabilized, and bitcoin is trading at $36,387 per unit.

On November 17, 2023, bitcoin (BTC) is hovering at $36,387 after a day of fluctuating trade. The relative strength index (RSI) is currently at 60, indicating a balanced and steady market posture. The exponential moving average (EMA) and simple moving average (SMA) are showing a mix of sell and buy signals across different timeframes.

Bitcoin's Recent Trend and Market Outlook

Prior to Friday's market activities, bitcoin displayed an upward trend, indicating increased buyer interest on Thursday. However, reaching a high near $37,975 led to a significant drop, suggesting either a corrective phase or the start of a trend reversal. The current market dynamics suggest a cautiously optimistic approach to trading strategies for the upcoming weekend.

If bitcoin's price can decisively break above the recent consolidation peak, particularly surpassing $36,500, there may be opportunities for initiating long positions. Confirmation of such movements should ideally be supported by a rise in trading volume. For long trades, it would be prudent to aim for an exit near the previous peak of $37,975, considering this level as a potential resistance zone.

On the other hand, if the price fails to maintain its position above the consolidation figures, a short position with a target near the prior support level of $35,000 could be considered. The market still demonstrates moderate confidence, reflecting its underlying strength, but also signaling the need for caution due to the potential for consolidation or reversal. Although there have been brief periods of calm, the market can quickly transition into significant fluctuations in its dynamics.

Bullish and Bearish Perspectives

Bull Verdict:

Despite its volatility, bitcoin's performance on November 17, 2023, leans towards a positive trend. The day's high of $37,904 and the closing price above the key psychological level of $36,000 suggest a resilient bullish sentiment.

Bear Verdict:

The bearish perspective on bitcoin's performance on November 17, 2023, is based on its significant price fluctuations and inability to sustain gains above critical resistance levels. The wide range of the trading day and closing below the day's high point to potential exhaustion among buyers.

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What are your thoughts on bitcoin's market action on Wednesday? Feel free to share your opinions and insights in the comments section below.

Frequently Asked Questions

Should You Invest in gold for Retirement?

The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. If you are unsure of which option to invest in, consider both.

You can earn potential returns on your investment of gold. It's a great investment for retirees.

While many investments promise fixed returns, gold is subject to fluctuations. This causes its value to fluctuate over time.

This does not mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.

Another advantage of gold is its tangible nature. Gold is more convenient than bonds or stocks because it can be stored easily. It's also portable.

You can always access your gold if it is stored in a secure place. Plus, there are no storage fees associated with holding physical gold.

Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.

It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold rises in the face of a falling stock market.

Another advantage to investing in gold is the ability to sell it whenever you wish. Just like stocks, you can liquidate your position whenever you need cash. You don't even have to wait until you retire.

If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.

You shouldn't buy too little at once. Start small, buying only a few ounces. Next, add more as required.

Don't expect to be rich overnight. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.

While gold may not be the best investment, it can be a great addition to any retirement plan.

How much of your portfolio should be in precious metals?

Before we can answer this question, it is important to understand what precious metals actually are. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them extremely valuable for trading and investing. Gold is by far the most common precious metal traded today.

But, there are other types of precious metals available, including platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is also relatively unaffected both by inflation and deflation.

The general trend is for precious metals to increase in price with the overall market. They do not always move in the same direction. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower interest rates, making bonds less attractive investments.

However, when an economy is strong, the reverse effect occurs. Investors choose safe assets such Treasury Bonds over precious metals. They become less expensive and have a lower value because they are limited.

Diversifying across precious metals is a great way to maximize your investment returns. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.

How much gold should you have in your portfolio?

The amount of capital that you require will determine how much money you can make. You can start small by investing $5k-10k. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. You just pay per month.

Also, you need to think about the type of business that you are going to run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. You should also consider the expected income from each client when you do this type of thing.

As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. You may get paid just once every 6 months.

So you need to decide what kind of income you want to generate before you know how much gold you will need.

I would recommend that you start with $1k-2k worth of gold and then increase your wealth.

Is the government allowed to take your gold

You own your gold and therefore the government cannot seize it. It is yours because you worked hard for it. It belongs entirely to you. This rule may not apply to all cases. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. You can also lose precious metals if you owe taxes. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.


  • You can only purchase gold bars at least 99.5% purity. (
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (
  • (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (
  • The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (
  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (

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The growing trend of gold IRAs

As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.

Owners can invest in gold bars and bullion with the gold IRA. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.

Investors can manage their assets with a gold IRA without worrying about market volatility. The gold IRA can be used to protect against inflation or other potential problems.

Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.

Additional benefits of the gold IRA include the ability to quickly pass ownership to heirs. Additionally, the IRS does not consider gold a money or a commodity.

This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.


By: Jamie Redman
Title: Bitcoin Technical Analysis: Overcoming $38K Resistance Level to Propel BTC Forward
Sourced From:
Published Date: Fri, 17 Nov 2023 12:13:43 +0000

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