BTC/USD Tests 41756 Technical Support: Sally Ho’s Technical Analysis 15 January 2022 BTC
Bitcoin (BTC/USD) was volatile early in today’s Asian session as the pair appreciated to the 43350 level after trading as low as the 41752 area, with the interday low representing a test of the 23.6% retracement of the depreciating range from 48574.70 to 41752. Stops were elected above the 42389, 42783, and 43102 levels during the appreciation higher, representing the 23.6%, 38.2%, and 50% retracements of the recent depreciating range from 44453.22 to 41752. Areas of technical resistance and potential selling pressure include the 45165, 45672, 46468, 46664, and 47344 levels. Following BTC/USD’s peak around the 52100 level in late December, a series of lower highs and lower lows has led to a reduction in risk tolerance.
Stops were also recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels. If BTC/USD extends its recent depreciation, additional downside price objectives include the 39514, 38832, 38602, 37782, 37593, 37426, 37119, and 35626 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 42411.67 and the 50-bar MA (Hourly) at 43223.03.
Technical Support is expected around 39514.35/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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