Technical analysis for the stock market

BTCUSD technical analysis – 13 MAY 2020 – bigX

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BTCUSD hourly chart analysis

BTC/USD testing minor resistance, headings towards critical high
Figure 1: bigX web trader, H1 chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • Based on last week’s analysis we determined that 10000 price point was near and it has now been done
  • It has re-traced from there to the support level around 7800
  • The bit-coin halving has not had a major impact on the price
  • Expect the price to range between 10000 and 7000

BTCUSD four hourly analysis

Technical chart of BTCUSD
Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • The price is definitely bullish
  • The price is getting wedged towards 10000, if we see a major break out of the wedge then we can target a higher range
  • That higher range could well be between 12000 and 6000

BTCUSD daily analysis

Break of 61.8% retracement, bullish reversal is in place
Figure 3: bigX web trader daily chart

Key Points

  • Last week’s FIB retracement chart showed how string the push up was
  • It went past the 61% level ad is now close to challenging the 100% level
  • A retracement to 61% after touching the psychological price of 10000 has been done but not clearly
  • The price movement is therefore recovering from a bullish trend and the bitcoin halving event – and now holding steady