BTCUSD TECHNICAL ANALYSIS ON H1 TIMEFRAME(COMPLEMENTARY)
Publish Date : 2019/09/25 - 05:15

BTCUSD TECHNICAL ANALYSIS ON H1 TIMEFRAME(COMPLEMENTARY)


Switching to the hourly chart, prices are behaving in the usual shell-shocked fashion we’d expect after an explosive move. The market needs to catch a breath, and price action may not play so nicely over the near-term.

  • Bears could seek a dead-cat bounce and look to enter when volatility has subsided. Or see if resistance holds around $9k which was prior support and where the 38.2% Fibonacci level resides.
  • Alternatively, if a deeper retracement unfolds, traders could look to see if the lower triangle holds as resistance around the 61.8% Fibonacci level holds. Although that would be one to consider on a higher timeframe such as the daily or perhaps the four-hour chart.
  • The 8,100 low is the initial target, a break of which confirms bearish resumption of the trend. The YTD low at 7,455 and the lower channel then come into focus for bears.

Source:forex.com

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