BTCUSD technical analysis – 11 june 2020

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BTCUSD hourly chart analysis

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

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

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