Studying technical chart

BTCUSD technical analysis – 08 july 2020

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BTCUSD hourly chart analysis

Choppy price movement
Figure 1: bigX web trader, H1 chart

Key Points

  • The price has is in a small, tight channel
  • To determine the higher range of 9600 or the lower of 9100, expect to see immediate challenges first
  • So, for a candle body ABOVE the 9300 is a good indication of movement further to 9600
  • Similarly, below 9200 to see 9100

BTCUSD four hourly analysis

BTCUSD technical chart
Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • After a period of successive bullish movement we have reached a resistance level
  • The price has broken below the trend suggesting a correction / retracement to lower levels
  • We can analyse the longer term charts to understand what those challenges are
  • The price has not moved much from where we were last week, suggesting further sideways movement

BTCUSD daily analysis

BTCUSD testing trend line resistance
Figure 3: bigX web trader daily chart

Key Points

  • We are seeing lower lows on the daily chart
  • This suggests a price retracement to levels such as 9000 and 7000 over a longer term period
  • However, this level of forecasting should not be used for trading – just general direction of the price
  • The smaller time windows have shown the channels that need to be broken before we can analyse in further detail