Bitcoin Price Analysis: Peak Around 17396

BTC/USD Peaks Around 17396:  Sally Ho’s Technical Analysis – 11 January 2023

Bitcoin (BTC/USD) gave back some recent gains early in the Asian session as the pair orbited the 17267.87 area, a level that represents the 38.2% retracement of the appreciating range from 15460 to 18385.36.  Traders pushed BTC/USD as high as the 17396.25 area, its strongest print since mid-December and one that was reached after Stops were elected above the 17329.38 area, representing the 50% retracement of the depreciating range from 18385.36 to 16273.40.  Technical bids emerged around the 17143.71 area during subsequent pullbacks, right around the 23.6% retracement of the appreciating range from 16326.16 to 17396.25.  Traders recently drove BTC/USD as low as the 16326.16 area after Stops were elected below the 16375.18 area, a downside retracement level related to selling pressure around the 18385.36 and 17525 levels.  Additional related downside price objectives related to these areas of selling pressure include the 15900, 15313, and 14364 levels.  If BTC/USD reclaims some upside momentum, additional technically significant upside retracement levels include the 18495, 19199, 20070, and 20201 levels. 

BTC/USD depreciated approximately 64% in 2022, was off more than 3% in December, and is up approximately 4.5% month-to-date. Below current price activity, BTC/USD bears are eyeing a possible test of recent two-year lows around the 15460 area, established after Stops were elected below the 15512 area.  Notably, the 15512 level represented an exact bearish price objective based on selling pressure that strengthened around the 21478.80 and 18495.50 areas.  Below these areas, technically significant levels include the 14613, 14500.15, 13369, 10432.73, 10727, 9682, 8837, and 7538 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 200-bar MA (4-hourly) at 16926.07 and the 50-bar MA (Hourly) at 17172.03.

Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below.

Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                   

Disclaimer: Sally Ho’s Technical 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.