BTC/USD Eyes More Gains Above 19000: Sally Ho’s Technical Analysis – 14 January 2023
Bitcoin (BTC/USD) retained a strong bid early in the Asian session as the pair orbited the 19000 figure after trading as high as the 19295 level, its strongest print since early November 2022. Stops were elected above the 18636.72 area during the climb, a level that represents an upside price objective related to buying pressure that emerged around the 16326.16 and 17315.08 levels. The move to the 19115 area was a test of the 19182 area that also represents another upside price objective related to buying pressure that strengthened around the 16326.16 and 17315.08 levels. Additionally, the move also represented a test of the 61.8% retracement of the depreciating range from 21478.80 to 15460, and related upside retracement levels include the 20058 and 20190 areas. BTC/USD bulls are eyeing the 20947.28 area as an additional upside price objective associated with these areas where strong bids lifted the market.
Stops were also elected above the 19260.93 area, an important upside price objective related to buying pressure around that emerged around the 15460 and 16273.40 levels. Following the recent move higher to multi-month highs, technical support levels and potential buying pressure are around the 18253, 17719, 17287, 16856, 16322, and 16242 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 17412.61 and the 50-bar MA (Hourly) at 18369.67.
Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below.
Technical Resistance is expected around 19199.48/ 20070.64/ 20837.83 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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 Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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