Bitcoin (BTC) Price Analysis: Bulls in Control Like its ’98 in Chicago – 7 December 2023
Bitcoin (BTC/USD) continues to show strong momentum, reaching its highest level since April 2022. The price has surpassed key levels and there are more upside targets to watch out for. The recent surge has led to the formation of strong support levels, providing potential buying opportunities.
Strong Momentum and Upside Targets
Bitcoin (BTC/USD) has reached an impressive milestone, hitting the 45000 mark. This represents a significant upside price objective based on historical advances. Additional upside targets include 46105, 46487, and 49161 levels.
Technical Support and Buying Pressure
For traders, it’s important to understand the areas of technical support and potential buying pressure. The 50-bar MA (4-hourly) is indicating a bullish trend, along with the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). The same applies to the hourly charts.
The nearest MA levels are 39238.31 (4-hourly) and 42184.33 (hourly).
Technical Support and Resistance Levels
Key areas of technical support for Bitcoin (BTC/USD) can be found around 37392.45, 36720.55, and 35633.00. Traders should keep an eye on these levels and set stops accordingly. As for resistance levels, watch out for 46487.10, 47108.16, and 48240.00.
Technical Indicators
The technical indicators, such as SlowK and MACD, provide further insights into the market. On the 4-hourly chart, SlowK is below SlowD while MACD is above MACDAverage. On the hourly chart, SlowK is below SlowD, but MACD is above MACDAverage.
Stay updated with Sally Ho’s technical analysis and refer to the previous day’s trading analysis for more information.
Hot Take: Strong Bullish Momentum for Bitcoin (BTC)
Bitcoin (BTC) is currently experiencing a very bullish trend, reminiscent of the bullish sentiment in Chicago in ’98. The price has surged to its highest level in over a year, with key levels being surpassed. There are still more upside targets to watch out for, indicating that this momentum might continue. Traders should pay attention to the areas of support and resistance, as well as the technical indicators, to make informed decisions. Overall, Bitcoin is showing significant strength and potential for further gains.
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