Bitcoin (BTC) Price Analysis: Solid Technical Support at Major Levels – 12 January 2024
Bitcoin (BTC/USD) sought to sustain renewed upward momentum early in the Asian session as the pair moved back above the 47000 figure after bids emerged around the 45623.02 area, representing a test of the 61.8% retracement of the appreciating range from 44320.01 to 47732.50. Bulls pushed BTC/USD higher to the 47488.92 area and more buying pressure emerged around the 46824 level during a pullback, representing a test of the wider appreciating range from 43200.44 to 47901. The recent high around the 47901 area is the strongest print since early April 2022 and represented a test of the 47934 level.
Upside price objectives include the 48466, 49161, 51701, and 52121 areas. Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 42880, 42472, 41329, 41214, and 40244 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 44769.61 and the 50-bar MA (Hourly) 46209.63.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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-solid-technical-support-at-major-levels-12-january-2024