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BTCUSD technical analysis
Disclaimer: Any information contained in this website are the intellectual ownership of bigX. If you share this information, please reference the source link at bigX at all times and include this disclaimer. The opinions, analysis, charts and pricing based in this market analysis do not constitute investment advice. This should not be relied upon as your only source of market research and should never be used for actual trading decisions. Our opinions and analysis are subject to change at any point and we will not accept liability for any losses directly or indirectly from this information. You should never use just one source of information to make trading decisions, rather you should take your time and make an informed decision based on your own research. Please note that past performance and analysis are no indicators for future results.
The H1 chart should be used for short term trading position entry and exit
Our short-term support and resistance points are as follows:
Support: 9000, 8619 and 7681
Resistance: 9579 and 10004
Our immediate trading range between 8619 and 9579 is currently active. Once this is broken we will activate the bigger range of 7681 and 10004
MA 200 (red) and MA 100 (green) look to be crossing suggesting further move down, with an immediate stop off at 9000 immediate support
For longer term correction see 7681 as a good point of retracement before longer term moves
The 10000+ price is open to be re-challenged
Using FIB retracement on the H4 chart further supports a short term retracement to the 61.80% level (price 8942).
An important indicator at that point would be if MA 200, 100 and EMA 5 further cross down this FIB level opening up a test of the 50% level at 8476 before continuing long term moves up.
Important to note the price may pivot at the following points:
Around 8000 would we definitively close out the glitch (price spike) that occurred on 13/14 Jan.
D1 and W1 analysis
The trading range on D1 demonstrates a price between 8272 on the low end and 10710 on the long.
We can see the D1 candle on 03 Feb left a long reverse wick indicating movement down
We are at the midpoint between our price range, so could easily go either way over the coming weeks.
Trading using longer term positions are hold for either long or short direction using our D1 price range
W1 MACD suggests a longer term position for BTCUSD.