Bitcoin (BTC) Price Analysis: Bulls Pay 42583 Technicals Again – 20 December 2023
Bitcoin (BTC/USD) worked to sustain renewed upward momentum early in the Asian session as the pair escalated back above the 42583.04 level, representing the 23.6% retracement of the appreciating range from 34758.64 to 45000. Positive momentum intensified around the 40508.01 level, representing a test of a recent upside price objective related to buying pressure around the 34758 and 36342 levels. The recent multi-month high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area. Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited. Short-term downside risks persist with additional downside price objectives around the 40185 and 38773 areas.
The recent profit-taking pullback represented a test of the 40256 area and Stops were elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas. Additional Stops were also triggered below some significant technical levels during the depreciation including the 43044, 42583, 42159, 41835, 41087, 40619, and 40413 areas. Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42182.49 and the 200-bar MA (Hourly) 42161.27.
Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.
Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 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 Bullishly above MACDAverage.
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Source: https://cryptodaily.co.uk/2023/12/bitcoin-btc-price-analysis-bulls-pay-42583-technicals-again-20-december-2023