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 Monthly
The situation on the monthly chart has not changed since last week’s analysis. Price is still below the 450.00 level, although there was evident attempt to enter above this important resistance. It is worth noting, that on January 7, Bitcoin defeated 450USD barrier for the first time in 2016. Increases however, could not be maintained ant the price corrected.
So far we can see 5 demand candles in a row (from September lows), but we still have a few weeks of January trading so it is too early to talk about the candle closing.
BTC/USD W1
The weekly chart also has not changed since the last Bitcoin review and still stays inside 30USD range. Last year pin bar has not brought a strong declines yet, because the price can count on the support of the local 420.00USD level. Last week’s candle tested 450.00 intensively, but eventually closed just below that important resistance.
BTC/USD D1
Moving to the daily chart, we see that on Sunday, BTC/USD pair once again found itself below few-months trend line. Sunday candle opened and closed under the line and the 450.00USD resistance, so in the coming days we should try to look for selling opportunities and short positions.
BTC/USD H4
Intraday chart (H4) more accurately reflects the price action from the last sessions. We can see that the price for a long time struggled with 450.00USD from the top, but finally was pushed down. During Sunday and Monday sessions the trend line – mentioned above – and horizontal resistance were tested again, but with no success, causing short-term declines. 440.00 however acts as a new short-term support, which so far successfully blocked the bears aspirations to continue pushing the price down. Therefore, 450.00 zone on all the TFs remains the most important pivot point for Bitcoin.
