Bitcoin (BTC) Price Analysis: Rangebound Trading Continues – 8 January 2024
Bitcoin (BTC/USD) is currently engaged in rangebound trading near its recent high of 45925.82. The price experienced some volatility and dipped to 40625.68, triggering stops below the 40963.73 level. The 42230 level, which represents the 50% retracement of the recent decline from 69000 to 15460, continues to be a significant technical level for BTC/USD. Stops were also triggered below various levels during the decline from the multi-month high of 45925.82, including 43719, 43037, 42356, 41386, and 40963.
Looking ahead, upside price targets for BTC/USD are at 46105, 46487, and 49161. Bulls are eyeing the 48647.72 level, which represents the 61.8% retracement of the decline from the all-time high of 69000 to 15460. There are several levels of technical support and potential buying pressure, including 39705, 38735, 37893, and 35857. Current technical indicators suggest a bullish outlook, with the 50-bar MA (4-hourly) above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
Key technical levels to watch are the 43390.81 level, which is the nearest 50-bar MA (4-hourly), and the 43908.19 level, which is the nearest 100-bar MA (hourly). Support is expected around 37392.45, 36720.55, and 35633.00, while resistance is expected around 46487.10, 47108.16, and 48240.00.
In terms of technical analysis on the charts, the 4-hourly chart shows a bearish signal with SlowK below SlowD and MACD below MACDAverage. However, the 60-minute chart indicates a bullish signal with SlowK above SlowD and MACD above MACDAverage.
This analysis is brought to you by Sally Ho. You can find Yesterday’s Trading Analysis here.
Hot Take: Is Bitcoin (BTC) Set for a Breakout or Further Consolidation?
The price of Bitcoin (BTC) has been trending in a rangebound pattern, with recent volatility causing fluctuations between support and resistance levels. While the technical indicators suggest a bullish outlook, the market is currently undecided on the next major move for BTC. Bulls are eyeing key resistance levels, while bears are looking for a potential breakdown. Whether Bitcoin will break out or continue consolidating remains to be seen, and traders should closely monitor the price action and key levels to determine the market sentiment and potential trading opportunities. Stay tuned for further updates on Bitcoin’s price movement.
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