Bitcoin (BTC) Price Analysis: New Year, New High – 10 January 2024
Bitcoin (BTC/USD) sought to retain fresh upside advances early in the Asian session as the pair traded around the 46105.79 area, a historical downside price objective related to selling pressure around the all-time high of 69000 and 48240. Bulls pushed BTC/USD higher to the 47330 level, its strongest print since early April 2022, after Stops were elected above the 46105 and 46487 areas. During a pullback, BTC/USD came off to the 45526.96 area, representing a test of a previous relative high around the 45519 area from earlier in 2024. Upside price objectives include the 47934, 48466, 49161, 51701, and 52121 areas.
Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 44363, 42527, 42419, 42036, and 41044 levels. Bulls continue to eye the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 43744.31 and the 50-bar MA (Hourly) 43979.53.
Technical Support is expected around 42498.13/ 40625.68/ 37321.80 with Stops expected below.
Technical Resistance is expected around 48466.68/ 51707.77/ 52121.96 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 Bullishly above SlowD while MACD is Bearishly below 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.
