Bitcoin (BTC) Price Analysis: Positive Momentum Supporting Upside – 11 December 2023
Bitcoin (BTC/USD) continues to gain positive momentum as the pair works towards strengthening its gains. The recent high of around $45,000 is seen as a test of the $45,278 level, which is an upside price objective based on historical advances. As BTC/USD tested the 23.6% retracement level, long positions were added around $43,072. Stops were triggered above $42,721 and $44,481, which are also upside price objectives related to buying activity. Expected areas of support and potential buying pressure are at $40,256, $38,998, $38,028, $37,321, and $35,285. Technical indicators are indicating a bullish trend, with the 50-bar MA (4-hourly), 50-bar MA (hourly), and various other indicators suggesting positivity in the market.
Key Support and Resistance Levels
Key areas of technical support and potential buying pressure: $37,392, $36,720, and $35,633.
Key areas of technical resistance: $46,487, $47,108, and $48,240.
Technical Analysis Indicators
On the 4-hourly chart, SlowK is bearishly below SlowD, and MACD is also bearishly below MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
Hot Take: Positive Momentum Drives Bitcoin (BTC) Price Upward
Bitcoin (BTC) continues to experience positive momentum, with the recent high of $45,000 serving as a test of an upside price objective. Long positions have been added, and technical indicators suggest that the market is bullish. Areas of support and potential buying pressure have been identified, while key levels of resistance have also been determined. Traders are encouraged to closely monitor the market and make informed decisions based on the analysis provided. Overall, Bitcoin is showing promising signs of upward movement.
By
By
By
By
By