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BTCUSD technical analysis – 26 FEB 2020 – bigX
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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
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
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 suggests a longer term position for BTCUSD.