Technical analysis for the stock market

BTCUSD technical analysis – 29 APR 2020 – bigX

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BTCUSD hourly chart analysis

Price surging higher
Figure 1: bigX web trader, H1 chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • The price ranged for several weeks and is now broken up
  • It looks to have broken the resistance price of 8000
  • The next resistance level is 9000

BTCUSD four hourly analysis

Break of the Symmetric Triangle Pattern

Key Points

  • Using trend lines we can further support our analysis from H1
  • The price was supported by a bullish trend for several weeks and this has continued
  • The breakout has happened now where the trend lines intersected
  • We are now heading towards a bullish trend
  • Any pull back should hit the support trend line before continuing further up

 

BTCUSD daily analysis

Price heading towards critical Fibonacci 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 broken through
  • We are now open to challenge the 100% level
  • This can be a false breakout considering the BITCOIN halving due in several weeks so we should keep that in mind