Bitcoin (BTC/USD) was volatile early in today’s Asian session as the pair appreciated to the 43350 level after trading as low as the 41752 area, with the interday low representing a test of the 23.6% retracement of the depreciating range from 48574.70 to 41752. Stops were elected above the 42389, 42783, and 43102 levels during the appreciation higher, representing the 23.6%, 38.2%, and 50% retracements of the recent depreciating range from 44453.22 to 41752. Areas of technical resistance and potential selling pressure include the 45165, 45672, 46468, 46664, and 47344 levels. Following BTC/USD’s peak around the 52100 level in late December, a series of lower highs and lower lows has led to a reduction in risk tolerance.
Stops were also recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels. If BTC/USD extends its recent depreciation, additional downside price objectives include the 39514, 38832, 38602, 37782, 37593, 37426, 37119, and 35626 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42411.67 and the 50-bar MA (Hourly) at 43223.03.
Technical Support is expected around 39514.35/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Source: https://cryptodaily.co.uk/2022/01/btc-usd-tests-41756-technical-support-sally-ho-technical-analysis-15-january-2022-btc-bitcoin