Bitcoin (BTC) Price Analysis: Bounce Higher from 43072 – 10 December 2023
Positive Technical Bias for BTC/USD
Bitcoin (BTC/USD) is showing a positive technical bias as it seeks to continue its upward momentum. Bulls are adding to their long positions around the 43072 area, taking advantage of the 23.6% retracement level. Stops were triggered above the 42721.31 and 44481.98 levels, leading to further upside price targets at 15460 and 19568.52 areas. The recent multi-month high at 45000 tested the 45278.22 level, which is linked to historical upside advances at 3858.
Additional Upside Price Objectives and Support Levels
Bitcoin has additional upside price objectives at 46105, 46487, and 49161 levels. In terms of support, traders are looking at levels like 40256, 38998, 38028, 37321, and 35285 as areas of potential buying pressure. The MA indicators also indicate a bullish outlook for Bitcoin.
Price Analysis and Technical Levels
Bitcoin’s price is currently closest to the 50-bar MA (4-hourly) at 41452.03 and the 50-bar MA (Hourly) at 43641.17. Technical support is expected at levels around 37392.45, 36720.55, and 35633.00, while resistance is anticipated at 46487.10, 47108.16, and 48240.00.
Technical Indicators
On the 4-hourly chart, the SlowK indicator is bearish below SlowD, while MACD is bearish as well. On the 60-minute chart, SlowK is bearish below SlowD, but MACD is bullish above MACDAverage.
Hot Take: Bitcoin Continues to Display Positive Momentum
Bitcoin maintains its positive technical bias, with bulls adding to their long positions and pushing for further upside price targets. The recent multi-month high and the support from MA indicators suggest that Bitcoin’s momentum is likely to continue. Traders should keep an eye on the resistance levels and potential areas of support to gauge the future movement of BTC/USD.
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