Technical analysis for the stock market

BTCUSD technical analysis – 29 APR 2020 – bigX

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hourly chart analysis

Technical chart of cryptocurrency
Figure 1: bigX web trader, H1 chart

Key Points

  • 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

Testing triangle support line after bullish break
Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • 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

daily analysis

Formation of bearish evening star at resistance
Figure 3: bigX web trader daily chart

Key Points

  • 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