Bitcoin (BTC) Price Analysis: Narrower Ranges Clouding Technicals – 7 January 2024
Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair traded as high as the 43958.96 level, representing a test of the 78.6% retracement of the recent depreciating range from 45000 to 40150. The technical relevance of the 42230 level continues to be confirmed as BTC/USD orbits this area, representing the 50% retracement of the recent depreciating range from 69000 to 15460. Stops were recently elected below the 43719, 43037, 42356, 41386, and 40963 areas during the depreciation after BTC/USD peaked around the 45925.82 area, a multi-month high dating to May 2022. Large Stops were also elected below the 44026, 43986, 43528, 42788, 42047, 41143, and 41131 areas, downside price objectives linked to recent selling pressure around the 45925 and 45519 levels.
Above the market, upside price objectives remain the 46105, 46487, and 49161 levels. Bulls continue to eye the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460. Following the new relative high, areas of technical support and potential buying pressure include the 39705, 38735, 37893, and 35857 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 43389.91 and the 50-bar MA (Hourly) 43853.07.
Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.
Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
