Bitcoin (BTC) Price Analysis: Direction Sought After Testing 41208 – 14 January 2024

Bitcoin (BTC) Price Analysis: Direction Sought After Testing 41208 – 14 January 2024

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair attempted to pare some recent profit-taking selling activity that resulted in an acute decline to the 41444.97 area. The move to this area represented a test of a downside price objective around the 41208.59 area that is related to recent selling pressure around the 49102.29 and 46368.85 levels. Buying pressure later emerged around the 42495 area during the recovery, a test of a recent upside price objective related to recent buying activity around the 24900 and 34758.64 levels. The recent high around the 49102.29 area was BTC/USD’s strongest print since late December 2021.

Large Stops were elected above the 47934, 48466, and 48647.72 levels during the appreciation, significant technical levels related to historical buying pressure and the all-time high of 69000. Upside price objectives include the 51701, 52121, 52971, and 53370 levels. Following the move to new multi-year highs, areas of technical support and potential buying pressure include the 42002, 41717, 41208, 39343, and 36329 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 43809.63 and the 50-bar MA (Hourly) 44642.31.

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

Technical Resistance is expected around 51707.77/ 52121.96/ 53370.28 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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