Bitcoin (BTC) Price Analysis: Technicals Signal Depreciation Below 41294 – 19 December 2023
The price of Bitcoin (BTC) has been experiencing a decline recently, with renewed selling pressure causing the pair to collapse to the 40508.01 area. During this depreciation, stops were triggered below the 40619.57 area, which was a previous upside price objective. This level was related to buying pressure around the 35633 and 37029 levels. However, there are still short-term downside risks, and additional downside price objectives are expected in the 40185 and 38773 areas.
The recent pullback also led to stops being elected below various technical levels, including 43044, 42583, 42159, 41835, 41087, 40619, and 40413 areas. If the price continues to decline, areas of technical support and potential buying pressure can be found around 38998, 38028, 37321, and 35285 levels.
Technical indicators show that the 50-bar MA (4-hourly) is bullish, indicating strength in the market. However, the 50-bar MA (hourly) is bearish, suggesting some weakness.
Key Levels to Watch
Based on technical analysis, the nearest key levels to watch are the 50-bar MA (4-hourly) at 40405.23 and the 100-bar MA (hourly) at 41875.67. These levels may act as support or resistance depending on the price movement.
Technical support is expected around 37392.45, 36720.55, and 35633.00. On the other hand, technical resistance is expected near 46487.10, 47108.16, and 48240.00.
Technical Indicators
In the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bearish below MACDAverage. In the 60-minute chart, SlowK is bullish above SlowD, while MACD is bearish below MACDAverage.
Hot Take: The Future of Bitcoin’s Price
Given the recent depreciation in the price of Bitcoin and the ongoing selling pressure, it is essential to closely monitor the key levels and technical indicators mentioned above. These indicators will provide insights into the strength or weakness of the market and help you make informed decisions about your Bitcoin investments.
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