BTC/USD Smashes Above 50000 for First Time: Sally Ho's Technical Analysis 16 February 2021 BTC

BTC/USD Smashes Above 50000 for First Time: Sally Ho's Technical Analysis 16 February 2021 BTC

Bitcoin (BTC/USD) pushed higher early in today’s North American session as the pair appreciated to the 50645 area after trading as low as the 47051.22 area during the Asian session, with the intraday low representing a test of the 23.6% retracement of the recent depreciating range from 49700 to 45768.46.   Today’s intraday high above the psychologically-important 50000 figure established a new lifetime high and represents the first time BTC/USD has ever traded above this levelStops were elected above the 49818.47, 49994.09, and 50270.14 levels during the push higher.  If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 51312.54, 51594.32, 51732.54, 52052.19, 52310.93, 52205.24, 52777.60, 53194.95, 53276.47, 53357.59, and 54400 levels

Following the recent surge of BTC/USD, traders are carefully watching potential areas of technical support including the 47225.70, 46291.98, 45573.60, 45110.37, 43599.01, and 42436.20 levels.   Traders also note that Stops were recently elected above the 35943.73, 36480.83, 36854.45, 46338.25, 49818.47, and 49994.09 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, 9819.83, 21913.84, 17580, and 27768 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 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 47108.51 and the 50-bar MA (Hourly) at 48415.98.

Technical Support is expected around 43705.62/ 40925.19/ 38678 with Stops expected below.

Technical Resistance is expected around 51312.54/ 51594.32/ 51732.54 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 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.

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