BTC/USD Mostly Sideways Since 24200 New Lifetime High: Sally Ho’s Technical Analysis 20 December 2020 BTC

Bitcoin (BTC/USD) drifted lower early in today’s North American session as the pair depreciated to the 23316.74 level after trading as high as the 23799.00 area during the European session, with the intraday high just above the 61.8% retracement of the depreciating range from 24200 to 23100.  Another range that traders are monitoring is the recent appreciating range from 22329 to 24200, with the 23359.60 area representing the 23.6% retracement and an area of technical support during the European session.  A couple of additional areas of potential technical support that traders are carefully observing include the 22984.90 and 22637.68 levels, and these are related to recent buying pressure around the 19051.27 and 17580 areas.  Traders are curious to see if BTC/USD has the strength to establish a new lifetime high above the 24200 area. Stops were recently elected above the 23776.94 area during BTC/USD’s ascent, the previous lifetime high established this past week and an area right around a major upside price objective related to previous buying pressure around the 13215.00 area. 

 Bids bullishly emerged around the 22314.46 area late this past week, right around the 23.6% retracement of the recent appreciating range from 17580 to 23776.94Stops were elected above a series of upside price objectives during this latest upside extension to new lifetime highs, including the 23650.19, 23693.29, 23779.58, 24080.75, and 24179.17 levels.  Additional upside price objectives including the 24374.73, 24758.05, 24862.28, 25171.61, and 25373.10 areas.  Below recent price activity, potential areas of technical support include the 19424.08, 19308.02, 18978.04, 18808.96, 18719.62, 18620.11, and 18310.00 areas.  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 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 21031.99 and the 50-bar MA (Hourly) at 23275.44.

Technical Support is expected around 21971.13/ 21409.71/ 20678.47 with Stops expected below.

Technical Resistance is expected around 24374.73/ 24758.05/ 25171.61 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 Bearishly below MACDAverage.                                                                                                                                                   

You can share this post!

Source: Read Full Article