Bitcoin Price Technical Analysis - $45k Support Is Near.

Bitcoin Price Technical Analysis - $45k Support Is Near.

2022-01-16 | Daniel Smith

Bitcoin Price Technical Analysis - $45k Support Is Near.

Bitcoin (BTC/USD) remained turbulent initially in today's Asian trade, rising to 43350 following trading as low as 41752, with the interday low being a challenge of the 23.6 percent retracement of the declining trend from 48574.70 to 41752. Halts were set over 42389, 42783, as well as 43102 throughout the greater gain, indicating the 23.6 percent, 38.2 percent, and 50 percent retracements of the current declining trend from 44453.22 to 41752. The 45165, 45672, 46468, 46664, as well as 47344 levels, are regions of technical resistance as well as probable selling pressure. After Bitcoin/peak USD's at 52100 in final December, a succession of lower highs as well as lower lows has resulted in a decrease in danger sensitivity.

Halts have even been placed lately under a number of negative price targets, notably 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, as well as 41583.39. If Bitcoin/USD continues to fall, potential negative price targets comprise 39514, 38832, 38602, 37782, 37593, 37426, 37119, as well as 35626. Traders are seeing that the 50-bar MA (4-hourly) is bearishly predicting a move under the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly) (4-hourly). Furthermore, the 50-bar MA (hourly) is bullishly signalling over the 100-bar MA (hourly) as well as the 200-bar MA (hourly).

btc

BTC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

The 50-bar MA (4-hourly) is at 42411.67, while the 50-bar MA (Hourly) is at 43223.03.

Technical Support is likely to be available approximately 39514.35/ 38670.39/ 35734.12, with pauses predicted lower.

Technical resistance is predicted to be located approximately 53046.01/ 55157.38/ 55526.67, with stops predicted to be placed overhead.

SlowK is bullishly over SlowD on the 4-hour chart, whilst MACD is bearishly under MACDAverage.

SlowK is bullishly over SlowD on the 60-minute chart, whilst MACD is bullishly over MACDAverage.

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