BTC/USD Tests Multi-Month High: Sally Ho’s Technical Analysis – 17 January 2023
Bitcoin (BTC/USD) gave back some additional recent gains early in the Asian session as the pair moved back below the 21000 figure after peaking around the 21437.02 area, a test of its relative high of 21478.80 from early November 2022. Major Stops were elected above the 19856.70 and 20947.28 areas en route to the recent multi-week high, upside price objectives related to buying pressure that emerged around the 16326.16 and 17315.08 areas. Stops were also triggered above the 20190.78 area during the ascent, representing the 78.6% retracement of the depreciating range from 21478.80 to 15460, and this level recently served as technical support during a pullback. BTC/USD bulls are eyeing the 21488.32, 21920, 23127.09, and 23196.08 levels as areas of potential technical resistance and selling pressure, related to historical selling pressure that emerged around the 25214.57, 32371, and 48240 levels.
Stops were also recently elected above the 19260.93 area, an important upside price objective related to buying pressure that emerged around the 15460 and 16273.40 levels. Following the recent move higher to multi-month highs, technical support levels and areas of potential buying pressure are around the 20026, 19153, 18448, 17743, 16870, and 16739 levels. Below current price activity, technically significant areas include the 15900, 15512, 15313, 14500, 14364, 13369, 10727, 10432, 9682, 8837, and 7538 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 18513.27 and the 50-bar MA (Hourly) at 20856.77.
Technical Support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below.
Technical Resistance is expected around 21488.32/ 22912.49/ 23127.09 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of, nor is it intended to be used as legal, tax, investment, or financial advice.