Bitcoin (BTC) Price Analysis: Small Consolidation After 47901 Peak – 11 January 2024

Bitcoin (BTC) Price Analysis:  Small Consolidation After 47901 Peak – 11 January 2024

Bitcoin (BTC/USD) consolidated some recent gains  early in the Asian session as the pair was given after trading as high as the 47901 area, a fresh high dating to early April 2022 and one that represented a test of an upside price objective associated with the 24900 and 34758.64 levels.  Stops were elected below the 44799.40 area during the pullback, representing the 23.6% retracement of the recent appreciating range from 34758.64 to 47901.  Following the move to fresh multi-year highs, areas of technical support and potential buying pressure include the 42880, 42472, 41329, 41214, and 40244 levels. 

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Upside price objectives include the 47934, 48466, 49161, 51701, and 52121 areas.  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.  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 44593.63 and the 100-bar MA (Hourly) 45086.93.

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

Technical Resistance is expected around 48466.68/ 51707.77/ 52121.96 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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

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