Bitcoin (BTC) Price Analysis: Small Consolidation After 47901 Peak – 11 January 2024
Bitcoin (BTC/USD) consolidated some recent gains early in the Asian session as the pair was given after trading as high as the 47901 area, a fresh high dating to early April 2022 and one that represented a test of an upside price objective associated with the 24900 and 34758.64 levels. Stops were elected below the 44799.40 area during the pullback, representing the 23.6% retracement of the recent appreciating range from 34758.64 to 47901. Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 42880, 42472, 41329, 41214, and 40244 levels.
Upside price objectives include the 47934, 48466, 49161, 51701, and 52121 areas. 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 44593.63 and the 100-bar MA (Hourly) 45086.93.
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 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.
