Bitcoin (BTC) Price Analysis: Bullish Resolve as Year End Looms – 28 December 2023
Bitcoin (BTC/USD) added to its ongoing resilience early in the Asian session as the pair appreciated to the 43250.72 area after coming off to the 41600.67 area, representing a test of an upside price objective linked to buying pressure around the 25983.78 and 29328.04 levels. The move higher to the 43250.72 area also represented a test of the 61.8% retracement of the depreciating range from 44424.36 to 41600.67. Stops were elected above the 43046 and 43136 levels during the move higher, retracement levels related to the recent depreciating range from 43250.72 to 42716.16. That recent relative 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 42725.71 and the 50-bar MA (Hourly) 42845.43.
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.
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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.
