Bitcoin (BTC) Price Analysis: Momentum Favoring Test of 45000 – 26 December 2023
Bitcoin (BTC/USD) retained most of its recent gains early in the Asian session as the pair remained within striking distance of the 45000 figure, its strongest print since May 2022. Trading liquidity was relatively light on account of holidays as BTC/USD continued to trade above the 42230 area, representing the 50% retracement of the depreciating range from the all-time high of 69000 to 15460. Bulls recently pushed BTC/USD higher to the 43333.35 level, representing a test of an upside price objective related to buying pressure around the 25983.78 area. Recent upside technical activity at the 42575 area represented a test of the 50% retracement of the depreciating range from 45000 to 40150. The recent multi-month high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area. Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited.
Below the market, downside risks persist with additional downside price objectives around the 40185 and 38773 areas. Recent profit-taking activity saw Stops elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas. Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 42891.37 and the 50-bar MA (Hourly) 43778.79.
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 Bearishly below 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.
