Bitcoin (BTC/USD) extended its massive selloff early in today’s Asian session as the pair remained on the defensive around the 35000 figure after recently trading as low as the 34017.56 area, its weakest print since late July. Bears are gunning for the 38670.39 and 37797.03 levels, representing the 76.4% and 78.6% retracements of a historical appreciating range from 29301.56 to 69000, with sizable Stops expected below both areas. Stops were recently elected below the 40921, 40842, 40362, 40230, 38832, 38602, 37782, 37593, 37426, and 37119 levels during BTC’s sharp depreciation. If BTC/USD extends its recent weakness, additional downside price objectives include the 33724, 33208, 33069, 32894, 31639, and 29514 levels.
Previous buying activity saw BTC/USD escalate to the 41438.87 level, representing a test of the 38.2% retracement of the appreciating range from 39650 to 44453.22 area. Stops were also recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42143.82 and the 50-bar MA (Hourly) at 38569.81.
Technical Support is expected around 33069.10/ 31639.47/ 29514.02 with Stops expected below.
Technical Resistance is expected around 41583.39/ 42544.70/ 44655.08 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.
Disclaimer: This trading 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/2022/01/btc-usd-bears-eyeing-29514-sally-ho-technical-analysis-24-january-2022-btc-bitcoin