BTC/USD Tests 41064 on Rebound:  Sally Ho’s Technical Analysis 9 January 2021 BTC

BTC/USD Tests 41064 on Rebound: Sally Ho’s Technical Analysis 9 January 2021 BTC

January 9, 2021

Bitcoin (BTC/USD) gained more ground early in today’s North American session as the pair appreciated to the 41269.69 area after trading as low as the 38700.00 area during the Asian session, testing demand below the 50-bar simple moving average.  During the rebound higher in the European session, traders pushed BTC/USD above the 41064.54 area, representing the 76.4% retracement of the recent depreciating range from 41794.95 to 38700.00.   The pair has established a succession of new lifetime highs, with the latest around the 41986.37 area.  Stops were recently elected above a series of additional upside price objectives during the move higher, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, 41489.74 levels.  Earlier Stops were 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.   Stops were also recently elected above some upside price objectives including 34446.27, 34603.65, and 34697.35, levels that are technically significant due to previous buying activity that also originated around the 17580, 21913.84, and 16200 areas. 

Additional upside price objectives include the 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels.   Following the pair’s recent moves to successive all-time highs, downside retracement levels and areas of potential technical support include the 38159.91, 37249.25, 36226.47, 35454.75, and 33879.46 levelsBTC/USD traded up more than 44% in January, and closed 2020 with a gain of approximately 292%.  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 34708.75 and the 50-bar MA (Hourly) at 39753.20.

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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above 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.

Related TAGS:

You can share this post!

Source: Read Full Article