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BTCUSD technical analysis – 29 APR 2020 – bigX
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BTCUSD hourly chart analysis
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
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
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