Published
3 years ago on
January 06, 2021
Bitcoin (BTC/USD) gained ground early in today’s North American session as the pair appreciated to the 35364.45 area after trading as low as the 33352.54 area during the Asian session. Traders are observing that BTC/USD established a fresh lifetime high around the 35868.69 area during the Asian session, eclipsing the recent lifetime high of 34810 after Stops were elected above upside price objectives including the 34937.10, 35300, 35442.74, and 35641.61 areas. The new all-time high represents a test of the 35943.73 level, an upside price objective related to buying pressure that recently emerged around the 17580 area. Stops were recently elected above some upside price objectives today including 34446.27, 34603.65, and 34697.35, levels that are technically significant due to previous buying activity that originated around the 17580, 21913.84, and 16200 area. Additional upside price objectives include the 36480.83, 38523.54, 39033.37, and 39247.05 areas.
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 33486, 32575.35, 32011.96, 31552.56, 30537.94, 29629.28, and 28891.27 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 30781.90 and the 50-bar MA (Hourly) at 32737.53.
Technical Support is expected around 27505.33/ 26195.00/ 25505.00 with Stops expected below.
Technical Resistance is expected around 36480.83/ 38523.54/ 39033.37 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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