BTC/USD Escalates to Test 38773: Sally Ho’s Technical Analysis 4 February 2021 BTC

Bitcoin (BTC/USD) gained a small amount of ground early in today’s North American session as the pair appreciated to the 37951.81 area after trading as low as the 36815.98 area during the European session, with the intraday low representing a test of the 23.6% retracement of the appreciating range from 33700 to 37823.  Chartists note that this level served as some intraday technical resistance yesterday.  BTC/USD traded as high as the 38769 level earlier in the European session, representing a test of the 76.4% retracement of the depreciating range from 41452.12 to 30100.  Some Stops were elected above the 38664.33 area during the climb higher, representing a previous relative highTechnical trading has been evident most of the week, including when upside pressure emerged around the 33125.24 area after a pullback, representing a test of the 76.4% retracement of the depreciating range from 34810 to 27678.  If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 39022.77, 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels

Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation.   During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels.  Following the recent depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 200-bar MA (4-hourly) at 34921.93 and the 50-bar MA (Hourly) at 36603.13.

Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.

Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 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.

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