Bitcoin (BTC) Price Analysis: Upward Trajectory Resumed – 9 January 2024

Bitcoin (BTC) Price Analysis:  Upward Trajectory Resumed – 9 January 2024

Bitcoin (BTC/USD) sought to extend its upward trajectory early in the Asian session as the pair traded near multi-session highs following a break above the 45000 figure, a recent relative high that was eclipsed during a subsequent move to the 45925.82 area.   Stops were elected above the 44791.59 area during the sharp move higher, representing the 78.6% retracement of the depreciating range from 45925.82 to 40625.68.  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. 

Areas of technical support and potential buying pressure remain the 39705, 38735, 37893, and 35857 levels.   During the recent rapid sell-off, Stops were elected below the 43719, 43037, 42356, 41386, and 40963 areas following the print around the 45925.82 area.  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.  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 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 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.