Bitcoin (BTC) Price Analysis: New Year, New High – 10 January 2024
Bitcoin (BTC/USD) sought to retain fresh upside advances early in the Asian session as the pair traded around the 46105.79 area, a historical downside price objective related to selling pressure around the all-time high of 69000 and 48240. Bulls pushed BTC/USD higher to the 47330 level, its strongest print since early April 2022, after Stops were elected above the 46105 and 46487 areas. During a pullback, BTC/USD came off to the 45526.96 area, representing a test of a previous relative high around the 45519 area from earlier in 2024. Upside price objectives include the 47934, 48466, 49161, 51701, and 52121 areas.
Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 44363, 42527, 42419, 42036, and 41044 levels. Bulls continue to eye the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460. 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 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 43744.31 and the 50-bar MA (Hourly) 43979.53.
Technical Support is expected around 42498.13/ 40625.68/ 37321.80 with Stops expected below.
Technical Resistance is expected around 48466.68/ 51707.77/ 52121.96 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.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
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.
Source: https://cryptodaily.co.uk/2024/01/bitcoin-btc-price-analysis-new-year-new-high-10-january-2024