BTC/USD Blasts Through 42516 Retracement: Sally Ho’s Technical Analysis 8 February 2022 BTC

Bitcoin (BTC/USD) worked to extend its recent gains early in today’s Asian session as the pair peaked around the 43036.87 area, its strongest print since being aggressively sold from the 43511 level on 20 January.  Stops were elected above the 42516 area during the move to multi-week highs, representing the 50% retracement of the depreciating range from 52100 to 32933.33.  Additional upside retracement levels in this depreciating range include the 44778, 47576, and 47998 areas.  Another wider technical range is the depreciating range from 59249.77 to 39233.33, with upside price retracement levels including the 46091, 49196, 53039, and 53618 levels. 

Areas of technical resistance and potential selling pressure include the 43778, 44655, 45213, 46219, 46487, 46600, 47726, and 48135 levels.  Following the recent recovery, areas of potential technical support include the 40652, 39177, 37985, 36792, 35317, and 35095 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 40119.78 and the 50-bar MA (Hourly) at 41858.97.

Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.

Technical Resistance is expected around 44763.46/ 46600.89/ 49019.35 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above 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.