Bitcoin (BTC) Price Analysis: Bulls Supported by 40256 Technicals – 13 December 2023
Bitcoin (BTC/USD) extended its recovery early in the Asian session as the pair sought to add to gains after bouncing higher from the 40150 area, representing a test of the 23.6% retracement of the recent appreciating range from 24900 to 45000. The recent profit-taking pullback represented a test of the 40256 area and was established after 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.
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. 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42924.57 and the 50-bar MA (Hourly) 42328.97.
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.
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