Bitcoin (BTC) Price Analysis: Key Technical Levels Dominating – 17 January 2024

Bitcoin (BTC) Price Analysis:  Key Technical Levels Dominating – 17 January 2024

Bitcoin (BTC/USD) continued to trade around key technical levels early in the Asian session as the pair was capped around the 43112.62 area, representing a test of the 61.8% retracement of the depreciating range from 45000 to 40150.   Trading activity has orbited the 42715.80 area for several trading sessions, a downside price objective related to recent selling pressure around the 49102.29 and 46368.67 areas.  After BTC/USD recently tested a downside price objective around the 41208.59 area, buying pressure emerged around the 42495 area, 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 recent appreciation to multi-year highs, 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 43348.47 and the 50-bar MA (Hourly) 42736.59.

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 Bullishly above MACDAverage.

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

Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis

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.