Bitcoin (BTC) Price Analysis: Positive Momentum Supporting Upside – 11 December 2023
Bitcoin (BTC/USD) added to recent positive momentum early in the Asian session as the pair worked to add to gains that strengthened around the 42846.53 area. 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. Bulls added to long positions around the 43072 area when BTC/USD tested the 23.6% retracement of the appreciating range from 36715.10 to 45000. Stops were recently elected above the 42721.31 and 44481.98 levels during the ongoing appreciation, upside price objectives related to buying activity around the 15460 and 19568.52 areas.
Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited. Following the recent appreciation, areas of technical support and potential buying pressure include the 40256, 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 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 41824.79 and the 50-bar MA (Hourly) 43755.43.
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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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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.
