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
Last week’s chart analysis for W1 – and lower TFs – indicated that 500.00USD level should be a target for possible increases. So far however, trading was effectively capped by minor resistance. That refers to the area of 450.00 – it was broken last week, but Bitcoin finally closed underneath. False breakout in the form of a pin bar can suggest a correction of previous increases.
BTC/USD D1
The daily chart just like a week ago still accumulates around 450.00USD. It is true that Sunday’s session brought stronger decline, but we still are above up-trend line. Only clear break below this line or break above 450.00 (with re-test) will show us where the price wants to move.
BTC/USD H4
On the intraday chart I paid attention to the resistance zone defined by two candles from December 12th. Throughout the week they successfully blocked any increases – the zone has been reportedly test. Finally, price slumped to the local support zone (previous resistance) at 425.00 and rebounded to return above the trend line from the D1 TF. Currently we will wait for breaking above or below the consolidation range.
