BTC/USD Tests 30000 Figure on Major Pullback: Sally Ho’s Technical Analysis 12 January 2021 BTC
Bitcoin (BTC/USD) extended its recent trading activity with very wide and volatile trading ranges as traders continued to react to substantial and renewed selling pressure below the psychologically-important 40000 figure. Following the pair’s recent new lifetime high around the 41986.37 area, selling pressure thereafter intensified around the 41452.12 and 40164.67 areas. This pullback pressure initially weakened BTC/USD to the 34444 area, its lowest print since the recent string of successive all-time highs below and above the 40000 figure. Chartists note that the move lower to this level represented a test of the 38.2% retracement of the appreciating range from 21913.84 to 41986.37. Stops were elected below a variety of downside retracement levels during the acute pullback, including the 38159.91, 37249.25, 36226.47, 35900.79, 35784.73, and 35454.75 areas. Following this recent depreciation, additional areas of potential technical support include the 32988.07, 32663.14, 32135.98, 31948.12, 31414.00, 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 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 36352.72 and the 200-bar MA (Hourly) at 36244.39.
Technical Support is expected around 33638.11/ 33121.14/ 32164.09 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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