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BTCUSD technical analysis – 29 APR 2020 – bigX
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hourly chart analysis
The H1 chart should be used for short term trading position entry and exit
We are ranging within the price 160-180
If we break out of 160 then 140 could easily be done
Likewise, 160 breakout to 200
We are continuing the slow retracement to 200+ levels
Expect regular corrections on the bearish level as we continue price movement upwards
four hourly analysis
We can see a breakout of the price trend lines
Currently the upward trend is creating a support for the price
If we continue this trend then we expect 180+ to be retested, 200 to be challenged soon
On the daily chart we can see use fib retracement
The 50% channel has been done
This suggests a downward retracement to the 38% and 23% levels
We could potentially see a challenge for 160, 130 price points
To confirm the BREAKOUT above the 188 level, we want to see a strong candle body ABOVE the 50% level
This demonstrates the strength of the resistance at 188 for now
Good buying opportunities at the 38% and 23% levels