BTC/USD Tests Technical Support at 30049: Sally Ho’s Technical Analysis 27 January 2021 BTC

Bitcoin (BTC/USD) extended its recent decline early in today’s North American session as the pair weakened to the 30250 area after trading as high as the 32960.37 area during the Asian session, with the intraday high just above the 50% retracement of the depreciating range from 34888 to 30830, and just above the 61.8% retracement of the appreciating range from 29891.13 to 37823.  Technical trading was seen during the pullback in the North American session when buying pressure emerged right around the 78.6% retracement of the appreciating range from 28732 to 34888.  BTC/USD recently encountered some technical resistance around the 34810 area, a previous relative high from early January.  Significant Stops were recently elected below the 33850.03 level, an area around 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.  Large Stops were also recently triggered below the 32779.10 level, a downside retracement level related to the broader depreciating range from 41452.12 to 30100. 

Following the recent depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 levels.   Traders also note that 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.   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.  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 bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and below the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 32938.38 and the 100-bar MA (Hourly) at 32178.38.

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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