Bitcoin (BTC) Price Analysis: Still Orbiting 42230 Technicals – 6 January 2024
Bitcoin (BTC/USD) sought to retain some recovered gains early in the Asian session as the pair continued to orbit the 42230 level, representing the 50% retracement of the recent depreciating range from 69000 to 15460. The recent acute pullback to the 40625.68 area represented a test of the 100-bar simple moving average of 12-hourly bars. Stops were elected below the 43719, 43037, 42356, 41386, and 40963 areas during the depreciation after BTC/USD peaked around the 45925.82 area, a multi-month high dating to May 2022. Large Stops were also elected below the 44026, 43986, 43528, 42788, 42047, 41143, and 41131 areas, downside price objectives linked to recent selling pressure around the 45925 and 45519 levels.
Above the market, upside price objectives remain the 46105, 46487, and 49161 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. Following the new relative high, areas of technical support and potential buying pressure include the 39705, 38735, 37893, and 35857 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 above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 43226.73 and the 100-bar MA (Hourly) 43831.97.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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Source: https://cryptodaily.co.uk/2024/01/bitcoin-btc-price-analysis-still-orbiting-42230-technicals-6-january-2024