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BTCUSD technical analysis – 08 july 2020
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BTCUSD hourly chart analysis
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
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
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