Sally Ho

Bitcoin (BTC) Price Analysis: Bulls Rampage and Test 42544 – 5 December 2023

Bitcoin (BTC) Price Analysis:  Bulls Rampage and Test 42544 – 5 December 2023

Bitcoin (BTC) Price Analysis:  Bulls Rampage and Test 42544 – 5 December 2023

Bitcoin (BTC/USD) maintained a very positive technical bias early in the Asian session as the pair retained most of its recent massive gains to the 42159.92 area, its strongest print since April 2022.  Major Stops were elected above the 40842 area, a previous downside price objective related to historical selling pressure around the all-time high of 69000 and 59249.   Traders tested the 42721.31 area, an upside price objective related to buying pressure around the 15460 and 24900 levels.  Additional upside price objectives include the 42544, 46105, 46487, and 49161 levels. 

The 43781.04 area is another major upside price objective, associated with buying pressure around the 19568.52 and 24900 levels.   Following the recent appreciation, areas of technical support and potential buying pressure include the 40874, 40619, 40413, 40079, 39666, 39437, and 39332 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 38333.57 and the 50-bar MA (Hourly) at 39792.83.

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

Technical Resistance is expected around 42721.31/ 44481.98/ 46219.09 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 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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