Technical analysis for the stock market

BTCUSD technical analysis

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H1 analysis

Bears controling crypto industry
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: 8200, 7600, 7200
    • Resistance: 9600, 10,200
  • Our immediate trading range between 9600 and 8200 is currently active.  Once this is broken we will activate the bigger range of 7200 and 10200
  • Quick bounce off the resistance point 10200 suggests correction to support levels for longer term buy positions
  • We should expect the 10000+ price is open and to be re-challenged

H4 analysis

Sharp drop in Bitcoin price
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 50% level (price 8470).
  • The price glitch at 8000 level looks likely to be closed as a support level
  • Around 8000 would we definitively close out the glitch (price spike) that occurred on 13/14 Jan.

D1 and W1 analysis

Potential bullish rally in Bitcoin
Figure 3: bigX desktop trader D1 chart BTCUSD

Key points

  • The trading range on D1 further supports the range we have already discussed on H1
  • Strong sell-off reinforced
  • Potential pivot point at 8200 support level

W1 MACD

Overbought and oversold identifier in trading
Figure 4: Source: tradingview.com BTCUSD weekly chart MACD

 

Key points

  • W1 MACD suggests a longer term position for BTCUSD.
  • No indications yet for entering long positions