Bitcoin (BTC) Price Analysis: Two-Way Risk Finally Returns – 12 December 2023

Bitcoin (BTC) Price Analysis:  Two-Way Risk Finally Returns – 12 December 2023

Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair awaited fresh technical guidance following a strong pullback to the 40300 area, representing a test of the 100-bar, 4-hour simple moving average and also a test of the 23.6% retracement of the appreciating range from 24900 to 45000.   Stops were elected below some significant technical levels during the depreciation including the 43044, 42583, 42159, 41835, 41087, 40619, and 40413 areas.  Sizable Stops were also triggered below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas. 

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.  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 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 above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 42653.87 and the 200-bar MA (Hourly) 42574.63.

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 Bearishly below 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.