Bitcoin (BTC) Price Analysis: Still Orbiting 42230 Technicals – 6 January 2024
Bitcoin (BTC/USD) is currently hovering around the 42230 level, which is a 50% retracement of its recent decline. It recently experienced a pullback to the 40625.68 area, testing the 100-bar simple moving average. During the decline, stops were triggered at various levels, including 43719, 43037, 42356, 41386, and 40963. There were also large stops triggered below 44026, 43986, 43528, 42788, 42047, 41143, and 41131.
In terms of price objectives, the upside targets are at 46105, 46487, and 49161. The bulls are particularly interested in the 48647.72 area, as it represents a 61.8% retracement of the previous decline. On the downside, areas of support and potential buying pressure are at 39705, 38735, 37893, and 35857. Traders are noting that the moving averages paint a bullish picture on the 4-hour and hourly charts.
The nearest moving averages are at 43226.73 and 43831.97, serving as price references. Technical support is expected at 37392.45, 36720.55, and 35633, with anticipated stops below. On the resistance side, levels to watch out for are 46487.10, 47108.16, and 48240, with stops expected above.
Looking at the technical indicators, the SlowK is currently above SlowD on the 4-hour chart, but the MACD is below MACDAverage. On the hourly chart, both the SlowK and MACD are indicating bullish signals.
Hot Take: Bitcoin (BTC) is currently trading close to the 42230 level, with both support and resistance levels to watch out for. The moving averages are providing a bullish outlook on both the 4-hour and hourly charts. Traders should closely monitor key price levels and technical indicators for potential trading opportunities.
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