Bitcoin (BTC/USD) moved lower early in today’s North American session as the pair depreciated to the 37146.46 area after trading as high as the 39697.00 level during the Asian session, with the intraday high stopping short of testing psychological resistance around the 40000 figure, and technical resistance around the 40436.48 area. During the pullback of BTC/USD, traders tested the 37115.61 area, representing the 61.8% retracement of the depreciating range from 41452.12 to 30100.00. If the intraday depreciation continues, possible areas of short-term technical support include the 36991.5036849.9736767.9736604.5136485.1436248.0136075.89, and 35951.08 levels. Following the pair’s recent new lifetime high around the 41986.37 area, selling pressureintensified around the 41452.12 and 40164.67 areas. Stops were elected below a variety of downside retracement levels during the recent acute pullback, including the 38159.9137249.2536226.4735900.7935784.7335454.7532988.0732663.1432135.9831948.12, and 31414.00 levels. Following this ongoing depreciation, additional areas of potential technical support include the 29783.1929093.1928847.3128148.19, and 27421.33 levels.
During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.8040667.7640991.444120041267.10, and 41489.74 levelsStops were recently elected above the 35943.7336480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 1758016200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation. If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 42309.0142701.9142803.5343447.48, and 43617.07 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 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 37620.01 and the 200-bar MA (Hourly) at 37621.22.
Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.
Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: This trading 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.
This article originally syndicated from 38773.02 Emerges as BTC/USD Resistance Before Pullback: Sally Ho’s Technical Analysis 15 January 2021 BTC
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