Bitcoin (BTC/USD) continued to endure weak technical sentiment early in today’s Asian session as the pair eyed a significant amount of upside technical resistance related to selling pressure that emerged around the 52100, 48574.70, and 47532.89 levels. Traders pushed BTC/USD as low as the 39650 level, its weakest print since September and a test of key technical support that represents the 50% retracement of the appreciating range from 3858 to 61788.45. Following BTC/USD’s peak around the 52100 level in late December, a series of lower highs and lower lows has led to a significant reduction in risk tolerance.
Stops were 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. If BTC/USD extends its recent depreciation, additional downside price objectives include the 39514, 38832, 38602, 37782, 37593, 37426, 37119, and 35626 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 44318.35 and the 50-bar MA (Hourly) at 41793.64.
Technical Support is expected around 39514.35/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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-tests-major-technical-support-at-39684-sally-ho-technical-analysis-11-january-2022-btc-bitcoin