TRADE BTC OPTIONS THANKS TO TOPOPTION
For the technical analysis I will 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 D1
Last week price stopped just above the medium-term downtrend line, which was defeated, and between supports/resistances 303-318. Since then, a lot has changed and we have seen BTC/USD appreciation by almost 200USD and almost immediate decline more than 120USD.
Last week the price during one session tested highs at 500USD lastly seen in September 2014. You can assume however, that dynamic volume increases and market euphony pumped the rates, and after profit taking it came back to more “fundamental” value. Breaching 420.00 two days in a row was just a false signal and now price moves inside the consolidation 7th session in a row
BTC/USD H4
Intraday chart (H4) shows that the dynamic ups and downs last week took place at enhanced volume. Form the seventh day of November the price slowed down again and we could draw another trading range inside current consolidation (decidedly narrower – ranging between 25USD).
BTC/USD price have been very volatile recently and important technical levels are hard to identify. We should serve “round” pricings (often-respected), attention should be paid also to the current limits of sideways movement form D1 chart.
