Technical analysis

BTCUSD technical analysis – 6 MAY 2020 – bigX

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BTCUSD hourly chart analysis

29 APR

Technical analysis of BTCUSD

06 MAY

Bulls preparing to create a new high
Figure 1: bigX web trader, H1 chart

Key Points

  • 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

Potential double bottom in BTC/USD pair
Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • 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

24 APR

Rejection of 61,8% Fibonacci level

06 MAY

Strong surge in the price
Figure 3: bigX web trader daily chart

Key Points

  • 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.