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BTC/USD Tests Major Technical Support at 39684: Sally Ho's Technical Analysis 11 January 2022 BTC

BTC/USD Tests Major Technical Support at 39684: Sally Ho's Technical Analysis 11 January 2022 BTC

Bitcoin (BTC/USD) continued to endure weak technical sentiment early in today’s Asian session as the pair eyed a significant amount of upside technical resistance related to selling pressure that emerged around the 52100, 48574.70, and 47532.89 levels.  Traders pushed BTC/USD as low as the 39650 level, its weakest print since September and a test of key technical support that represents the 50% retracement of the appreciating range from 3858 to 61788.45.  Following BTC/USD’s peak around the 52100 level in late December, a series of lower highs and lower lows has led to a significant reduction in risk tolerance.

Stops were recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels.  If BTC/USD extends its recent depreciation, additional downside price objectives include the 39514, 38832, 38602, 37782, 37593, 37426, 37119, and 35626 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 44318.35 and the 50-bar MA (Hourly) at 41793.64.

Technical Support is expected around 39514.35/ 38670.39/ 35734.12 with Stops expected below.

Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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 Bearishly below 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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