Bitcoin Price Analysis: 17434 Target Tested

BTC/USD Looks to Sustain Multi-Week Highs:  Sally Ho’s Technical Analysis – 14 December 2022

Bitcoin (BTC/USD) encountered strong upward momentum early in the Asian session as the pair escalated higher to the 17500 level after finding technical support around the 17089.17 level, representing a test of the 50-hour simple moving average.  Stops were elected above the 17221.04, 17302.51, and 17434.51 levels during the ascent, upside price objectives related to buying pressure that emerged around the 16875.83 and 17089.17 areas.  Additional upside price objectives related to this appreciating range include the 17779.81 and 17872.75 levels.  Additional technically significant upside retracement levels include the 17791, 18495, 19199, 20070, and 20201 levels. 

Below current price activity, BTC/USD bears are eyeing a possible test of recent two-year lows around the 15460 area, established after Stops were elected below the 15512 area.  Notably, the 15512 level represented an exact bearish price objective based on selling pressure that strengthened around the 21478.80 and 18495.50 areas.  Associated downside price objectives below current price activity include the 13369, 8837, and 7538 levels.  Technicians continue to eye the 14500.15 and 10432.73 areas as major downside targets, and additional downside price objectives include the 14613, 10727, and 9682 levels, areas that are related to selling pressure that intensified around the 20894.96 and 18495.50 areas.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 1200-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 17069.47 and the 100-bar MA (Hourly) at 17137.61.

Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below.

Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 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.                                   

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.