Sally Ho

Bitcoin (BTC) Price Analysis: New Year, New High – 10 January 2024

Bitcoin (BTC) Price Analysis:  New Year, New High – 10 January 2024

Bitcoin (BTC) Price Analysis:  New Year, New High – 10 January 2024

Bitcoin (BTC/USD) sought to retain fresh upside advances early in the Asian session as the pair traded around the 46105.79 area, a historical downside price objective related to selling pressure around the all-time high of 69000 and 48240.   Bulls pushed BTC/USD higher to the 47330 level, its strongest print since early April 2022, after Stops were elected above the 46105 and 46487 areas.  During a pullback, BTC/USD came off to the 45526.96 area, representing a test of a previous relative high around the 45519 area from earlier in 2024.   Upside price objectives include the 47934, 48466, 49161, 51701, and 52121 areas.

Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 44363, 42527, 42419, 42036, and 41044 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.  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 43744.31 and the 50-bar MA (Hourly) 43979.53.

Technical Support is expected around 42498.13/ 40625.68/ 37321.80 with Stops expected below.

Technical Resistance is expected around 48466.68/ 51707.77/ 52121.96 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 Bullishly above SlowD while MACD is Bearishly below 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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