Technical analysis for the stock market

BTCUSD technical analysis

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H1 analysis

Price testing 100 and 200 SMA
Figure 1: bigX desktop trader, H1 BTCUSD chart

Key Points

  • 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

H4 analysis

Price slowly heading towards 61.8% retracement
Figure 2: bigX web trader, BTCUSD H4 chart with Fibbonaci Retracement levels

Key Points

  • 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:

Price testing the first support zone
Figure 3: bigX web trader with Fib levels and potential short/long term price movement

Around 8000 would we definitively close out the glitch (price spike) that occurred on 13/14 Jan.

D1 and W1 analysis

Technical chart showing bullish correction
Figure 4: bigX desktop trader D1 chart BTCUSD

Key points

  • 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

Advanced oscillator for pro traders
Figure 5: Source: tradingview.com BTCUSD weekly chart MACD

Key points

  • W1 MACD suggests a longer term position for BTCUSD.

Oversold indication activated