Technical analysis for the stock market

BTCUSD technical analysis – 3 MAR 2020 – bigX

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BTCUSD hourly chart analysis

Forcasting potential buying zone
Figure 1: bigX desktop trader, H1 BTCUSD chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • Bounce off support level at 8600
  • Further supports at 8200 is open and challengeable in the short term
  • An interim trading range of 8600 and 9400 is active for both long and short positions

BTCUSD four-hourly analysis

Bitcoin bulls gaining strength
Figure 2: bigX desktop trader, BTCUSD H4 chart

Key Points

  • Reinforces the hourly chart to suggest a re-challenge of 8600 or 9400
  • 8200 price is also demonstrated as a support level
  • Short term ranging after the major drop from 10000+ levels
  • Expect ranging to continue in the near term

BTCUSD daily analysis

Trading the bearish breakout
Figure 3: bigX desktop trader D1 chart BTCUSD

Key points

  • Composing both support and resistance levels and channels demonstrates the longer-term price movement to expect
  • Expect price to remain in line with these channels guiding any break-outs
  • Any breakouts would be considerable to the 6000+ price on the short and 11000+ on the long