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BTC/USD Bulls Test 36849 Technical Resistance: Sally Ho's Technical Analysis 3 February 2021 BTC

BTC/USD Bulls Test 36849 Technical Resistance: Sally Ho's Technical Analysis 3 February 2021 BTC

Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 36888 area after trading as low as the 35393.80 area during the Asian session, with the intraday high representing a test of the 23.6% retracement of the appreciating range from 33700 to 37823.  The intraday low tested the 23.6% retracement of the appreciating range from 27683.67 to 37828.67, and BTC/USD tested the 50% retracement of the appreciating range from 33352.54 to 37823.  Traders observe that some Stops were elected above the 36444.35 area, a level that represents the 61.8% retracement of the broader depreciating range from 38664.33 to 32852.86Technical trading was evident earlier in the week when upside pressure emerged around the 33125.24 area after a pullback, representing a test of the 76.4% retracement of the depreciating range from 34810 to 27678.  If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 39022.77, 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels

Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation.   During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels.  Following the recent depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 200-bar MA (4-hourly) at 34674.42 and the 50-bar MA (Hourly) at 34962.30.

Technical Support is expected around 29783.19/ 29093.19/ 28847.31 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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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