Bitcoin (BTC) Price Analysis: Bears Eyeing 39225 Price Objective – 20 January 2024

Bitcoin (BTC) Price Analysis:  Bears Eyeing 39225 Price Objective – 20 January 2024

Bitcoin (BTC/USD) pared some recent losses early in the Asian session as the pair climbed back above the 41500 area after trading as low as the 40600.05 area, representing a test of a previous upside price objective linked to buying pressure around the 24900 level.  Recent selling pressure around the 49102 and 43569 areas opens up a potential test of downside price objectives around the 39225, 36174, 33123, 29348, and 23246 levels.  Following the recent move to new multi-year highs, areas of technical support and potential buying pressure include the 39857, 37820, 37001, 36250, 34335, 32281, and 30850 levels.

Large Stops were elected above the 47934, 48466, and 48647.72 levels during the recent appreciation to multi-year highs, significant technical levels related to historical buying pressure and the all-time high of 69000.  Above the market, upside price objectives include the 51701, 52121, 52971, and 53370 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 200-bar MA (4-hourly) at 43390.41 and the 50-bar MA (Hourly) 41980.09.

Technical Support is expected around 40625.68/ 37321.80/ 34950.00 with Stops expected below.

Technical Resistance is expected around 51707.77/ 52121.96/ 53370.28 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.