Bitcoin (BTC) Price Analysis: Additional Technical Consolidation Expected – 5 January 2024

Bitcoin (BTC) Price Analysis:  Additional Technical Consolidation Expected – 5 January 2024

Bitcoin (BTC/USD) encountered additional technical uncertainty early in the Asian session as the pair experienced elevated volatility following the recent rapid depreciation to the 40625.68 area, representing a test of the 100-bar simple moving average on 12-hourly bars.  Stops were elected below the 43719, 43037, 42356, 41386, and 40963 areas during the recent sharp decline after BTC/USD peaked around the 45925.82 area, a multi-month high dating to May 2022.  Large Stops were also elected below the 44026, 43986, 43528, 42788, 42047, 41143, and 41131 areas, downside price objectives linked to recent selling pressure around the 45925 and 45519 levels.  A brief recovery to the 42847 area after quickly establishing multi-session lows represented a test of the 42788 and 42815 levels, significant technical levels linked to interday selling pressure. 

Above the market, upside price objectives remain the 46105, 46487, and 49161 levels.  Bulls continue to eye the 48647.72 area, representing the 61.8% retracement of the depreciating range from the all-time high of 69,000 to 15460.  Following the new relative high, areas of technical support and potential buying pressure include the 39705, 38735, 37893, and 35857 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 200-bar MA (4-hourly) at 42270.63 and the 200-bar MA (Hourly) 43041.19.

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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                   

Sally Ho’s Technical Analysis
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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.