Bitcoin (BTC/USD) fell slightly early in today’s North American session as the pair depreciated to the 37725.10 area after trading as high as the 38800.00 level during the European session, with the intraday high representing a test of the 76.4% retracement of the recent depreciating range from 41452.12 to 30100.00Stops were elected above the 34436.5135776.06, and 37115.61 areas during the ongoing recovery higherlevels that represent the 38.2%50%, and 61.8% retracements of the depreciating range. The 39022.77 area represents the 78.6% retracement of this depreciating range and Stops are likely in place above this area. Traders lifted BTC/USD from an intraday low around the 36751.11 area during the Asian session. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 37350.69 and the 200-bar MA (Hourly) at 37245.12.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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.
Title: BTC/USD Tests 38773.02 Resistance: Sally Ho’s Technical Analysis 14 January 2021 BTC
Sourced From: cryptodaily.co.uk/2021/01/btc-usd-tests-38773-resistance-sally-ho-technical-analysis-14-january-2021-btc-bitcoin
Published Date: Thu, 14 Jan 2021 13:50:04 +0000
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