Bitcoin (BTC) Price Analysis: Bulls Supporting 41420 – 18 December 2023
Bitcoin (BTC/USD) maintained a minor upward trajectory early in the Asian session as the pair has gained steady ground after trading as low as the 41626.66 area, representing a test of the 61.8% retracement of the appreciating range from 40553.15 to 43475. This followed technical trading that became evident when BTC/USD appreciated from the 41426.76 level, right around the 61.8% retracement of the appreciating range from 40150 to 43475. Short-term downside risks persist with additional downside price objectives around the 41058, 40185, and 38773 areas. The recent multi-month high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area. Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited.
The recent profit-taking pullback represented a test of the 40256 area and Stops were elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas. Additional Stops were also triggered below some significant technical levels during the depreciation including the 43044, 42583, 42159, 41835, 41087, 40619, and 40413 areas. Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42658.93 and the 50-bar MA (Hourly) 42657.99.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
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.
