Bitcoin (BTC) Price Analysis: September’s Resistance Becoming 2024 Support? – 31 December 2023
Bitcoin has rebounded from the 41518.19 level and is now trading around 42489.91 as 2023 comes to an end. The recent upward pressure from the 41300 level tested the 23.6% retracement of the previous decline and has set new price objectives. Downside targets include the 42358, 42052, and 41556 areas, with potential buying support at the 38998, 38028, 37321, and 35285 levels. Upside targets include the 46105, 46487, and 49161 levels, with possible stops above. Technical indicators indicate bullishness in the 4-hourly moving averages and bearishness in the hourly moving averages. The nearest MA levels are 42753.73 (4-hourly) and 42573.97 (hourly).
Support is expected around 37392.45, 36720.55, and 35633.00, with stops anticipated below. Resistance levels are projected at 46487.10, 47108.16, and 48240.00, with stops expected above. On the 4-hourly chart, SlowK is above SlowD while MACD is below MACDAverage. On the 60-minute chart, SlowK is above SlowD while MACD is above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Is Bitcoin’s Resistance Turning into Support?
Bitcoin is showing signs of stability as it bounces back from resistance levels and sets new support levels. The recent upward pressure has established potential buying areas and downside targets for traders. Technical indicators suggest a bullish outlook in the long term, while short-term indicators indicate some bearishness. It is important to monitor key support and resistance levels to gauge Bitcoin’s future price movements. As 2023 ends and we look ahead to 2024, Bitcoin’s performance in the coming year will be crucial in determining if the current resistance will become long-term support.
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