Bitcoin (BTC) Price Analysis: Bulls Rally at 42575 Retracement – 22 December 2023
Bitcoin (BTC/USD) maintained a strong positive bias early in the Asian session as the pair encountered renewed upside technical pressure around the 42570.78 level, representing a test of the 50% retracement of the recent depreciating range from 45000 to 40150. Bulls pushed BTC/USD as high as the 44324.86 level, electing Stops above the 43962.10 area. Technical trading continues to dominate activity following recent selling and buying pressure around the 43461 and 41780 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.
Below the market, downside risks persist with additional downside price objectives around the 40185 and 38773 areas. Recent profit-taking activity saw Stops 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 bearishly indicating below the 100-bar MA (4-hourly) and above 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 100-bar MA (4-hourly) at 42520.51 and the 50-bar MA (Hourly) 42925.73.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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Source: https://cryptodaily.co.uk/2023/12/bitcoin-btc-price-analysis-bulls-rally-at-42575-retracement-22-december-2023