BTC/USD Tests 36849 Technical Resistance Before Fading: Sally Ho’s Technical Analysis 18 January 2021 BTC
Bitcoin (BTC/USD) weakened early in today’s North American session as the pair fell to the 34736.46 area after trading as high as the 36860 area during the Asian session, with the intraday high representing a test of the 23.6% retracement of the appreciating range from 33700 to 37823. Traders observe that BTC/USD traded at a recent low around the 33850.03 level this past weekend, a test of the 38.2% retracement of the appreciating range from 27678 to 37823 and the 61.8% retracement of the appreciating range from 30100 to 40127.66. Another range that traders are carefully monitoring is a broader depreciating range from 41452.12 to 30100, with the 34436.51 and 32779.10 levels representing downside retracement levels. Stops were elected below a variety of downside retracement levels during the recent acute pullback, including the 38159.91, 37249.25, 36226.47, 35900.79, 35784.73, 35454.75, 32988.07, 32663.14, 32135.98, 31948.12, and 31414.00 levels. Following this ongoing depreciation, additional areas of potential technical support include the 29783.19, 29093.19, 28847.31, 28148.19, and 27421.33 levels.
During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels. Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, 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 42309.01, 42701.91, 42803.53, 43447.48, 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 100-bar MA (4-hourly) at 35779367 and the 50-bar MA (Hourly) at 36081.40.
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 Bearishly below 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.
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