Sally Ho

Bitcoin (BTC) Price Analysis: 42230 a Major Technical Level – 15 December 2023

Bitcoin (BTC) Price Analysis:  42230 a Major Technical Level – 15 December 2023

Bitcoin (BTC) Price Analysis:  42230 a Major Technical Level – 15 December 2023

Bitcoin (BTC/USD) maintained an upward bias early in the Asian session as the pair continued to orbit the 42230 level, right around the 50% retracement of the depreciating range from 69000 to 15460.   Stops were elected above the 42575 and 43147.30 levels during the upswing from the 40150 area, upside retracement levels related to the recent depreciation from 45000 to 40150.   The recent multi-month high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area.  Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited. 

The recent profit-taking pullback represented a test of the 40256 area and Stops were elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas.  Additional Stops were also triggered below some significant technical levels during the depreciation including the 43044, 42583, 42159, 41835, 41087, 40619, and 40413 areas.   Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 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 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 42970.21 and the 200-bar MA (Hourly) 42927.73.

Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.

Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 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.                                   

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Disclaimer: Sally Ho’s Technical 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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