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
On the BTC/USD monthly chart we saw a closure of the fourth demand candle in a row. Such situation has not been observed since 20013. Price in December however, again was not able to successfully overcome 450USD and still maintains under it – in January it will be a first step before further, potential appreciation.
BTC/USD W1
In the BTC/USD analysis from two weeks ago, I drew attention to the significance of 450USD level when it comes to the weekly chart. Since then, price still moves below this cap and the bearish pin-bar under resistance (blue one) still did not bring stronger depreciation – declines were effectively blocked by 420USD level:
BTC/USD D1
Daily chart shows that exchange rate was able to defeat trend line on December 26th. Break below did not lead to stronger declines and ended with a narrow consolidation between 410-440USD. 450USD level is still in the game – rebound from it should be used to play short positions. Any upward breakout and effective re-test from the top will give opportunity to think about 500USD one more time.
BTC/USD H4
The situation on the intraday chart (H4) shows us a more accurate picture of movements after breaking the trend line. Price declined temporarily to 408.00, but since then it gradually increases. In addition, we can see here a short-term resistance level at 436.00, which block increases from the end of 2016. Moves below it should be used to play shorts in the short-term – especially after sales signals near the resistance.
