Bitcoin (BTC) Price Analysis: Bulls Targeting 39596 After Rocketing – 4 December 2023

Bitcoin (BTC) Price Analysis:  Bulls Targeting 39596 After Rocketing – 4 December 2023

Bitcoin (BTC/USD) retained a bullish bias early in the Asian session as the pair rocketed to the 39559.18 area, its strongest print since early May 2022.  Stops were recently elected above the 38602.40 area during the ongoing appreciation, an upside price objective associated with buying pressure around the 19568.52 and 24900 levels.  The 43781.04 area is another major upside price objective related to this historical upside activity, and other significant technical levels include the 42230 and 42288 areas. The 39596.82 area is a key technical hurdle that represents a previous downside price objective related to historical selling pressure around the 59249.77 and 48240 levels.

Above the market, significant technical levels linked with historical selling pressure around the 69000 and 48240 areas include the 40503 and 41225 levels.  Following the recent appreciation, areas of technical support and potential buying pressure include the 38460, 38348, 37946, 37808, 37857, 37808, 37620, 37392, 37056, 36831, and 36720 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 37814.97 and the 50-bar MA (Hourly) at 38420.31.

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

Technical Resistance is expected around 39596.82/ 30842.80/ 42721.31 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.