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BTC/USD Rockets to Fresh All-Time High at 20822: Sally Ho's Technical Analysis 16 December 2020 BTC

BTC/USD Rockets to Fresh All-Time High at 20822:  Sally Ho's Technical Analysis 16 December 2020 BTC

Bitcoin (BTC/USD) established a fresh all-time high early in today’s North American as the pair appreciated above the psychologically-important 20000 figure for the first time ever after bids emerged around the 19317.01 area during the Asian session.  Stops were elected above the 19915.14 area during the ascent, the previous all-time high established in early December.  Stops were also triggered above the 20311.36 area during the rapid move higher, an upside price objective related to buying pressure that emerged around the 6430 area earlier this year.  Following today’s move to an intraday high of 20822, another upside price objective is the 20534.46 level, a target related to buying pressure that emerged earlier this year around the 6854.67 level.  Additionally, Stops are likely in place above the 21909.24 area, another upside price objective related to buying pressure that emerged this year around the 6430 level

Below recent price activity, potential areas of technical support include the 19424.08, 19308.02, 18978.04, 18808.96, 18719.62, 18620.11, and 18310.00 areas.  Further below those areas of potential technical support, additional areas of potential demand include the 17355.69, 17315.28, 17112.57, 17076.77, 16995.04, 16701.07, 16608.52, 16565.07, and 16451.16 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 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 18846.33 and the 50-bar MA (Hourly) at 19223.48.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 20534.46/ 21909.24/ 24090.75 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                                                                                                                                   

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