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BTCUSD technical analysis – 6 MAY 2020 – bigX
Disclaimer: Any information contained in this website are the intellectual ownership of bigX. If you share this information, please reference the source link at bigX at all times and include this disclaimer. The opinions, analysis, charts and pricing based in this market analysis do not constitute investment advice. This should not be relied upon as your only source of market research and should never be used for actual trading decisions. Our opinions and analysis are subject to change at any point and we will not accept liability for any losses directly or indirectly from this information. You should never use just one source of information to make trading decisions, rather you should take your time and make an informed decision based on your own research. Please note that past performance and analysis are no indicators for future results.
BTCUSD hourly chart analysis
The H1 chart should be used for short term trading position entry and exit
As per last week’s analysis – the price broke up and no we have seen a touch point of 9000+ from 8096 previously
We have in fact moved beyond the 9000 resistance level – let’s analyse in further timelines where this is going
BTCUSD four hourly analysis
The price is definitely bullish
No doubt the upcoming bitcoin halving is having an affect on the price
A support price of 8500 is evident at the four-hourly level
BTCUSD daily analysis
Compare the previous and current daily charts
Last we analysed that the 61% level was broken
We can now see the price clearly bullish towards the 100% level
Expect a quick challenge to 10000 price level before any major retracements
Also consider the bitcoin halving that is due, we will continue to track BTCUSD next week to see where the price ends up.