BTC/USD Tests 38602 Price Objective: Sally Ho’s Technical Analysis 22 January 2022 BTC

Bitcoin (BTC/USD) experienced volatile trading activity early in today’s Asian session as the pair crashed below the psychologically-important 40000 figure again after selling pressure recently emerged around the 43511.99 level, representing a test of the 50% retracement of the recent depreciating range from 47532.89 to 39650.  Stops were elected below the 40783.56 and 40677.89 levels, representing the 76.4% and 78.6% retracements of the appreciating range from 39650 to 44453.22.   Traders tested technical support around the 38832.71 and 38602.30 levels, downside price objectives related to selling pressure around the 69000 and 59249 levels, before pushing the pair to 37704.42.  If BTC/USD extends its recent weakness, downside price objectives include the 37119, 37593, 37426, 37119, and 35626 levels.

Previous buying activity saw BTC/USD escalate to the 42692.71 level, representing a test of the 38.2% retracement of the appreciating range from 39650 to 44453.22 area.  Stops were also recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 42660.96 and the 50-bar MA (Hourly) at 42065.08.

Technical Support is expected around 39514.35/ 38670.39/ 35734.12 with Stops expected below.

Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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 Bearishly below MACDAverage.                                                                                                                                               

Disclaimer: This trading 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.