In depth technical analysis

BTCUSD technical analysis – 11 june 2020

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.

BTCUSD hourly chart analysis

Sharp drop in the price
Figure 1: bigX web trader, H1 chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • H1 clearly shows the bounce-off from the 10000 figure
  • The price has retraced to a decent support level around the 9000 level
  • We need to see how the price reacts to the current price range to understand the longer term direction

BTCUSD four hourly analysis

Price heading towards demand
Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • The price is ranging between the main H4 support and resistance
  • Expect the price to go and challenge the lower support levels around 8500 given the strong resistance

BTCUSD daily analysis

Price heading towards the 61.8% fibo level
Figure 3: bigX web trader daily chart

Key Points

  • At the D1 timeframe, the 100% fibbonaci retracement is now done
  • We should now expect a retracement to the 61% level potentially
  • The overall trend continues to be bullish