Bitcoin (BTC) Price Analysis: Solid Technical Support at Major Levels – 12 January 2024

Bitcoin (BTC) Price Analysis:  Solid Technical Support at Major Levels – 12 January 2024

Bitcoin (BTC/USD) sought to sustain renewed upward momentum early in the Asian session as the pair moved back above the 47000 figure after bids emerged around the 45623.02 area, representing a test of the 61.8% retracement of the appreciating range from 44320.01 to 47732.50.  Bulls pushed BTC/USD higher to the 47488.92 area and more buying pressure emerged around the 46824 level during a pullback, representing a test of the wider appreciating range from 43200.44 to 47901.  The recent high around the 47901 area is the strongest print since early April 2022 and represented a test of the 47934 level. 

Upside price objectives include the 48466, 49161, 51701, and 52121 areas.  Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 42880, 42472, 41329, 41214, and 40244 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 44769.61 and the 50-bar MA (Hourly) 46209.63.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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.