Bitcoin (BTC) Price Analysis: Short-Term Profit-Taking Test of 42606 Target – 29 December 2023
Bitcoin (BTC) Price Analysis: Short-Term Profit-Taking Test of 42606 Target – 29 December 2023
Bitcoin (BTC/USD) pared recent gains early in the Asian session as the pair traded as low as the 42596.36 area, representing a test of a downside price objective associated with recent interday selling pressure around the 43657 and 43207 levels. Additional downside price objectives include the 42358, 42052, and 41556 areas, while downside price objectives linked to the 43830 area include the 42375, 42032, 41607, and 40920 areas. Large Stops were elected below the 42715 area, representing the 50% retracement of the appreciating range from 41600 to 43830. The recent relative high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area. Above the market, upside price objectives include the 46105, 46487, and 49161 levels, above which Stops are cited.
Below the market, downside risks persist with additional downside price objectives around the 40185 and 38773 areas. Recent profit-taking activity saw Stops elected below the 41458.35 level, a downside price objective related to recent selling pressure around the 44754 and 44049 areas. Areas of technical support and potential buying pressure include the 38998, 38028, 37321, and 35285 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 42684.73 and the 50-bar MA (Hourly) 42828.59.
Technical Support is expected around 37392.45/ 36720.55/ 35633.00 with Stops expected below.
Technical Resistance is expected around 46487.10/ 47108.16/ 48240.00 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 Bearishly below MACDAverage.
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