Technical analysis for the stock market

BTCUSD technical analysis – 14 APR 2020 – bigX

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BTCUSD hourly chart analysis

Price heading towards resistance
Figure 1: bigX web trader, H1 chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • We are currently right in the middle of a trading range between 6200 and 7400
  • Price firmly stable, holding pattern at 6800
  • We need to use H4 and D1 charts to make a projection for upcoming movement

BTCUSD four hourly analysis

Bearish break of triangle pattern
Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • Using trend lines we can further support our analysis from H1
  • We are at a point of major pivot / breakout
  • Falling and rising channels show the price is now ready to breakout
  • Excellent buying opportunities at the previous support of 4000/500
  • If it breaks above then we can easily see 9000 price points being achieved

BTCUSD daily analysis

Rejection of 50% retracement level
Figure 3: bigX web trader daily chart

Key Points

  • On the daily chart we can see use fib retracement
  • The 50% channel has been retraced, suggesting a drop to 38%, 23% levels
  • A 23% retracement would see us around the 5000 figure
  • This is also backed up by our H4 analysis