TRADE BTC OPTIONS THANKS TO TOPOPTION

For the technical analysis I use primarily:

  • Trend lines
  • Resistance and support levels
  • Classic TA basic formations (triangles, wedges, flags)
  • Basic Price Action patterns (pin bar, inside bar, outside bar)
  • Fibonacci retracement to determine potential support and resistance levels

BTC/USD W1

BTCUSD Weekly 2

In the last week’s analysis I wrote a lot about 400USD level, which had an important role in all time-frames. Price managed to break above it without any problems and test it from the top. Bitcoin weekly chart situation shows, that digital currency still has got some space for further increases, the next cap can be seen at 500USD.

BTC/USD D1

BTCUSD D1 2

Doji candle under 400USD which had to signal a market reversal and downward correction did not brought forecasted declines. Two sessions after signal candle 400USD level (strengthened by 23,6% Fibonacci retracement) was broken and the price has strongly tested it from the top, Rate should continue to move in a narrow channel targeting the above mentioned area (500USD). Along the way however, price may encounter resistance near 450USD and highs from November/December.

BTC/USD H4

BTCUSD H4 2

On the intraday chart, you can see that price narrowed strongly below 400USD level and then broke above it dynamically. Later, there was another consolidation under 425USD and further rapid movement. The level was strongly tested from the top and it should provide a base for another appreciation. The resistance zone near December 12th highs will become another target and a short-term stop before approaching 500USD.

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