Bitcoin Price Analysis: Bulls Supported by Technicals – 13 December 2023
Bitcoin (BTC/USD) continues its recovery as it bounces back from the 40150 level, which represents a 23.6% retracement of its recent uptrend. The pullback to the 40256 area happened after Stops were triggered below the 41458.35 level, with additional Stops activated at various technical levels such as 43044, 42583, and 42159. The recent high of 45000 tested the 45278.22 level, an upside price objective. Upside targets now include 46105, 46487, and 49161, above which more Stops could be triggered. Key support levels are at 38998, 38028, 37321, and 35285. The moving averages are showing bullish signals, with the 50-bar MA (4-hourly) above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
Price Analysis and Technical Support
The current price is closest to the 50-bar MA (4-hourly) at 42924.57 and the 50-bar MA (hourly) at 42328.97. Technical support is expected at 37392.45, 36720.55, and 35633.00. Resistance levels to watch out for include 46487.10, 47108.16, and 48240.00.
Technical Analysis on 4-Hourly and 60-minute Charts
On the 4-hourly chart, the SlowK is above the SlowD, indicating a bullish signal. However, on the 60-minute chart, the SlowK is below the SlowD, suggesting a bearish signal. The MACD on the 4-hourly chart is below the MACDAverage, while on the 60-minute chart, it is above the MACDAverage.
Hot Take: Bitcoin Bulls Remain Strong Despite Pullback
Despite the recent pullback, Bitcoin’s bulls remain strong, with technical indicators supporting further upward movement. The recent retracement provided an opportunity for profit-taking before the price potentially continues its upward trend. Traders should keep an eye on key support and resistance levels as well as the moving averages for potential buy and sell signals. Overall, the outlook for Bitcoin remains positive, with upside price objectives in focus for the near future.
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