Bitcoin (BTC) Price Analysis: Key Technical Levels Dominating – 17 January 2024
Bitcoin (BTC/USD) is trading around key technical levels in the Asian session. The pair is currently capped around the 43112.62 area, which is a test of the 61.8% retracement level. The trading activity has been revolving around the 42715.80 area for several sessions, indicating a downside price objective from recent selling pressure. However, buying pressure emerged around the 42495 area, indicating an upside price objective from recent buying activity.
Large stops were elected above the 47934, 48466, and 48647.72 levels during the recent price appreciation. These levels are significant in terms of historical buying pressure and the all-time high of 69000. Upside price objectives include the 51701, 52121, 52971, and 53370 levels.
Technical support and potential buying pressure can be found at the 42002, 41717, 41208, 39343, and 36329 levels. Traders are noting that the 50-bar MA (4-hourly) is showing bullish indications, while the 50-bar MA (hourly) is bearishly indicating.
The current price activity is nearest to the 200-bar MA (4-hourly) at 43348.47 and the 50-bar MA (hourly) at 42736.59. Technical support is expected at 42498.13/40625.68/37321.80, while technical resistance is expected at 51707.77/52121.96/53370.28.
On the 4-hourly chart, SlowK is bullish above SlowD, and MACD is bullish above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullish above MACDAverage.
Hot Take: Bitcoin (BTC) Shows Signs of Stability Amid Technical Levels
Bitcoin (BTC) is showing stability in its price and trading around key technical levels. The recent trading activity indicates a balance between buying and selling pressure. While there is a downside price objective from recent selling pressure, buying pressure has emerged to support the price. Large stops were elected at significant technical levels, and there are upside price objectives to look out for.
Traders are cautiously observing the moving averages, which are indicating different trends across different timeframes. Technical support and resistance levels are crucial in determining future price movements. Overall, the technical analysis suggests that Bitcoin is currently in a stable position, but traders should remain vigilant to any potential changes in market conditions.
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