Bitcoin (BTC) Price Analysis: Bulls in Control Like its ’98 in Chicago – 7 December 2023

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Cryptodaily2023/12/06 17:36

By:Sally Ho

Bitcoin (BTC) Price Analysis: Bulls in Control Like its ’98 in Chicago – 7 December 2023

Bitcoin (BTC/USD) retained extremely strong momentum early in the Asian session as the pair worked to add to its recent appreciation that saw the 45000 figure become paid, its highest print since early April 2022. Stops were elected above the 42721.31 and 44481.98 levels during the ongoing rampage, upside price objectives related to buying activity around the 15460 and 19568.52. Major Stops were also elected above the 43781.04 area, an upside price objective related to buying activity around the 24750 level. The fresh multi-month high around the 45000 figure represented a test of the 45278.22 level, an upside price objective linked to historical upside advances around the 3858 area.

Additional upside price objectives include the 46105, 46487, and 49161 levels. Following the recent appreciation, areas of technical support and potential buying pressure include the 40256, 38040, 37321, and 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 39238.31 and the 50-bar MA (Hourly) 42184.33.

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-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis

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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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