Last cryptocurrency pair (BTC/USD) analysis appeared on Comparic.com more than year ago (2014 September 15th – check it here). Now we are coming back with the regular publications, because the virtual currency again found itself at a very interesting levels. Every Monday in the Bitcoin section you will find technical review of D1 and H4 charts (sometimes also W1) – based on Bitstamp exchange pricing (one of the most liquid one).

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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

D1 BTC

On the daily BTC/USD chart, we see that almost from the year beginning price moves inside a broad consolidation. Upper limit 305USD, lower limit 208-220USD. Within the current year 246USD was also very important – it regularly acts as S/R level. Rate once again found itself near it, and yesterday session brought even dynamic close above. Adding 50EMA to it, we may wait for positive re-test from the top and further demand action.

BTC/USD H4

H4 BTC

Bringing the chart little closer and moving to intraday TF (H4), we can see that price actually managed to close above the S/R zone. Just above it (248USD), another local resistance was created (October highs). Price tried to break it a few candles in a row, but price has still not been able to move higher. Any downward attempts may be blocked by supports cluster (50EMA  + September trend line + horizontal 242USD). If the market does not threat this as a double top pattern and will focus on 246.00 level, the next target for buyers draws itself at 252.00.

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