Bitcoin (BTC) Technical Bias Assessment: Hazy Price Analysis

Bitcoin (BTC) Price Analysis: Clouded Technical Bias – 18 January 2024

Bitcoin (BTC/USD) is awaiting new technical guidance in the Asian session, with the price currently trading above the 41661.16 area. This area is an upside price objective influenced by buying pressure at the 25983 and 29328 levels. Recently, BTC/USD reached its highest point since late December 2021, hitting the 49102.29 area. The trading activity has been centered around the 42715.80 area, which is a downside price objective based on recent selling pressure at the 49102.29 and 46368.67 areas. The price previously fell to the 41208.59 area but found support around 42495, which is related to recent buying activity at the 24900 and 34758.64 levels.

During the recent surge to multi-year highs, large stops were triggered above the 47934, 48466, and 48647.72 levels. These levels are significant as they represent historical buying pressure and the all-time high of 69000. The next upside targets for BTC/USD are at 51701, 52121, 52971, and 53370. On the other hand, areas of technical support and potential buying pressure are at 41208, 39343, and 36329. The 50-bar MA (4-hourly) is currently above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly), indicating a bullish trend. However, the 50-bar MA (hourly) is bearishly below the 100-bar MA (hourly) and the 200-bar MA (hourly).

In terms of price levels, the 200-bar MA (4-hourly) is at 43384.03 and the 50-bar MA (hourly) is at 42764.89. Technical support is expected around 40625.68, 37321.80, and 34950.00, with stops expected below. On the other hand, technical resistance is expected at 51707.77, 52121.96, and 53370.28, with stops expected above. Looking at the 4-hourly chart, the SlowK is below SlowD, while the MACD is above the MACDAverage. On the 60-minute chart, the SlowK is above SlowD, while the MACD is below the MACDAverage.

For more detailed analysis, you can refer to Sally Ho’s Technical Analysis or yesterday’s trading analysis.