Bitcoin (BTC/USD) rocketed to another all-time high early in today’s North American session as the pair appreciated to the 41794.95 area after trading as low as the 36565.08 area during the Asian session. Traders established a new lifetime high after Stops were elected above the 41719.70 area, an upside price objective related to buying pressure that recently emerged around the 27678 area. Stops were elected above a series of additional upside price objectives during the move higher, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 areas. Stops were elected above the 35943.73, 36480.83, and 36854.45 levels during the recent ascent, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels. Stops were also recently elected above some upside price objectives including 34446.27, 34603.65, and 34697.35, levels that are technically significant due to previous buying activity that also originated around the 17580, 21913.84, and 16200 areas. Additional upside price objectives include the 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels.
Stops were elected below many retracement areas during the recent pullback lower, including the 32667.16, 31766.51, 31357.69, 30743.72, 30418.04, 30218.69, 29395.73, and 28258.75 levels. Following the pair’s recent moves to successive all-time highs, downside retracement levels and areas of potential technical support include the 38013.66, 37103.01, 36080.22, 35674.39, and 35308.50 levels. BTC/USD traded up more than 44% in January, and closed 2020 with a gain of approximately 292%. 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 33348.20 and the 50-bar MA (Hourly) at 37820.96.
Technical Support is expected around 33638.11/ 33121.14/ 32164.09 with Stops expected below.
Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading 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.