Short-Term Technicals Dominating BTC/USD: Sally Ho’s Technical Analysis 24 January 2021 BTC

Bitcoin (BTC/USD) came off early in today’s North American session as the pair weakened to the 32278.73 area after trading as high as the 33086.53 area during the Asian session, a level reached after buying pressure tested the 78.6% retracement of the recent depreciating range from 33488.79 to 31432.19.  The pullback during the North American session saw traders test the 38.2% retracement of the depreciating range from 34989.68 to 30602.55.  Notably, some upward pressure recently emerged above the 31637.19 area, representing the 23.6% retracement of this same depreciating rangeSelling pressure recently emerged below the 33700 area, a previous relative support level, and buying pressure eventually emerged above the 31299.50 area, a level that represents the 50% retracement of the appreciating range from 28732 to 33867Stops were recently elected below the 33850.03, 33283.75, 32988.07, 32663.13, 32085.58, 31950.11, 31414, and 31244 levels during the ongoing depreciation.  As expected, 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 this ongoing depreciation, additional areas of potential technical support include the 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 levelsStops 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 bearishly indicating below 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 200-bar MA (4-hourly) at 32406.83 and the 50-bar MA (Hourly) at 32505.94.

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 Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below 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.

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