Bitcoin (BTC/USD) sought fresh technical direction early in today’s Asian session as the pair continues to orbit technical levels related to the recent appreciating range from 32933.33 to 38960. Some Stops were recently elected above the 37456.66 area during the recovery higher, an upside retracement level that represents the 23.6% retracement of the recent depreciating range from 52100 to 32933.33. Additional upside retracement levels in this range include the 40255, 42516, 44778, 47576, and 47998 areas. One downside price objective related to selling pressure around the 52100 and 47076.55 levels is the 28625.93 area.
Stops are likely in place below the 31639.47 area, a downside price objective related to selling pressure that intensified around the 57670.68 area. Additional downside price objectives include the 29514, 27721, 25839, and 25217 levels. If BTC/USD recovers from its recent selling pressure, upside price resistance and areas of potential selling pressure include the 38222, 39144, 39470, and 40255 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 39501.94 and the 50-bar MA (Hourly) at 37172.22.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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-seeking-fresh-technical-direction-sally-ho-technical-analysis-31-january-2022-btc-bitcoin