Bitcoin (BTC) Price Analysis: Early 2024 – January 2, 2024 42230 Technology Orbit
Bitcoin (BTC/USD) attempted to extend recent gains early in the Asian session, rising to the 42778.74 area following recent buying pressure near the 41300 area. BTC/USD posted a 156.3% gain in 2023 after falling 64.4% in 2022, solidified by an 11.3% gain in December and a 57.5% expansion in the fourth quarter. The recent relatively high reading near 45000 indicated a test of the 45278.22 level, which is an upside price target associated with historical upside around the 3858 area. Bullish price objectives above the market include the 46105, 46487, and 49161 levels, above which Stops are cited.
Below the market, downside risk persists with further downside price targets around the 40185 and 38773 areas. Downward price targets related to recent selling pressure around 43657 and 43207 include the 42358, 42052, and 41556 sections, and downward price targets linked to the 43830 section include 42375, 42032, 41607, and 40920 sections. 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 crossing 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 closest to the 100-bar MA (4-hourly) at 42783.93 and the 100-bar MA (hourly) at 42504.61.
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-hours chart, SlowK is bullishly above SlowD and MACD is bullishly above MACDAverage.
On 60-minute chart, SlowK is bearishly trending above SlowD while MACD is bearishly trending above MACDAverage.
Technical Analysis by Sally HoView yesterday’s trading analysis
Disclaimer: Sally Ho’s technical analysis is provided by a third party and is provided for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment, or financial advice.