Bitcoin (BTC) Price Analysis: Seeking Direction After Testing 41208 – 14 January 2024
Bitcoin (BTC/USD) is looking for fresh technical guidance in the Asian session. The pair experienced a sharp decline to the 41444.97 area, testing a downside price objective around 41208.59. However, buying pressure emerged around the 42495 area, testing an upside price objective related to recent buying activity. The recent high around 49102.29 was the strongest print since late December 2021.
Key Levels to Watch
During the appreciation, large stops were triggered above the 47934, 48466, and 48647.72 levels, which are significant technical levels. Upside price objectives include the 51701, 52121, 52971, and 53370 levels. On the downside, areas of technical support and potential buying pressure include the 42002, 41717, 41208, 39343, and 36329 levels.
Technical Indicators
Traders note that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and the 200-bar MA (hourly). Price activity is nearest the 200-bar MA (4-hourly) at 43809.63 and the 50-bar MA (Hourly) 44642.31.
Support and Resistance Levels
Technical support is expected around 42498.13/40625.68/37321.80, with stops expected below. On the other hand, technical resistance is expected around 51707.77/52121.96/53370.28, with stops expected above.
MACD and SlowK Analysis
On the 4-hourly chart, SlowK is above SlowD, indicating a bullish trend, while MACD is below MACDAverage, indicating a bearish trend. On the 60-minute chart, SlowK is above SlowD, indicating a bullish trend, and MACD is above MACDAverage, further confirming a bullish trend.
Sally Ho’s Technical Analysis
Hot Take: Bitcoin Price Analysis – Seeking Direction After Recent Decline
Bitcoin (BTC/USD) is currently searching for a clear path after a recent decline. Technical support and resistance levels, as well as key indicators, suggest potential buying or selling pressure. Traders are closely watching the market for any signs of a breakout or a reversal. It remains to be seen whether Bitcoin can regain its upward momentum or if further downside is in store. Stay tuned for more updates on Bitcoin’s price movements.
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