BITCOIN - BTC/USD - 1H - Technical analysis published on 05/01/2024 (GMT)
- Who voted?
- 132
- 0
I am pleased to note that the threshold for invalidation has been maintained for 20 Candlesticks.
Click here for a new analysis!
Click here for a new analysis!
- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Bearish
Underlying:
Strongly bearish
Technical indicators
50%
0%
50%
My opinion
Bearish under 59,101.97 USD
My targets
56,647.22 USD (-1.07%)
55,575.35 USD (-2.94%)
My analysis
The bearish basic trend is very strong on BITCOIN - BTC/USD but the short term shows some signs of running out of steam. However, a sale could be considered as long as the price remains below 59,101.97 USD. Crossing the first support at 56,647.22 USD would be a sign of a further potential price plummet. Sellers would then use the next support located at 55,575.35 USD as an objective. Crossing it would then enable sellers to target 50,742.68 USD. Caution, a return to above the resistance located at 59,101.97 USD would be a sign of a possible consolidation phase of the short-term basic trend. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
3.8
Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.
This analysis was given by jann1414. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The BITCOIN - BTC/USD price is 57,261.48 USD. The price is lower by -5.55% since the last closing with the lowest point at 56,514.20 USD and the highest point at 60,787.50 USD. The deviation from the price is +1.32% for the low point and -5.80% for the high point.56,514.20
60,787.50
57,261.48
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
New LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of BITCOIN - BTC/USD indicates that the overall trend is strongly bearish. The signals given by moving averages are 89.29% bearish. This strongly bearish trend seems to be slowing down given the slightly bearish signals being given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
In fact, only 9 technical indicators out of 18 studied are currently positioned bullish. Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Pivot points : price is under support 3
Type : Neutral
Timeframe : Weekly
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
The analysis of the price chart with Central Patterns scanners does not return any result.
The Central Candlesticks scanner currently notes the presence of this pattern in Japanese candlesticks that could mark the end of the short-term trend currently underway:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 44,103.13 | 47,352.27 | 50,742.68 | 57,261.48 | 59,101.97 | 61,279.96 | 62,731.63 |
| Change (%) | -22.98% | -17.31% | -11.38% | - | +3.21% | +7.02% | +9.55% |
| Change | -13,158.35 | -9,909.21 | -6,518.80 | - | +1,840.49 | +4,018.48 | +5,470.15 |
| Level | Intermediate | Minor | Minor | - | Intermediate | Intermediate | Intermediate |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 52,633.63 | 55,867.80 | 58,248.33 | 61,482.50 | 63,863.03 | 67,097.20 | 69,477.73 |
| Camarilla | 59,084.82 | 59,599.50 | 60,114.18 | 60,628.86 | 61,143.54 | 61,658.22 | 62,172.90 |
| Woodie | 52,206.81 | 55,654.39 | 57,821.51 | 61,269.09 | 63,436.21 | 66,883.79 | 69,050.91 |
| Fibonacci | 55,867.80 | 58,012.62 | 59,337.69 | 61,482.50 | 63,627.32 | 64,952.39 | 67,097.20 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 56,647.22 | 59,530.58 | 61,482.05 | 64,365.41 | 66,316.88 | 69,200.24 | 71,151.71 |
| Camarilla | 62,103.94 | 62,547.14 | 62,990.33 | 63,433.52 | 63,876.71 | 64,319.91 | 64,763.10 |
| Woodie | 56,181.28 | 59,297.61 | 61,016.11 | 64,132.44 | 65,850.94 | 68,967.27 | 70,685.77 |
| Fibonacci | 59,530.58 | 61,377.49 | 62,518.51 | 64,365.41 | 66,212.32 | 67,353.34 | 69,200.24 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 41,941.71 | 50,521.84 | 55,575.35 | 64,155.48 | 69,208.99 | 77,789.12 | 82,842.63 |
| Camarilla | 56,879.61 | 58,129.36 | 59,379.11 | 60,628.86 | 61,878.61 | 63,128.36 | 64,378.11 |
| Woodie | 40,178.40 | 49,640.19 | 53,812.04 | 63,273.83 | 67,445.68 | 76,907.47 | 81,079.32 |
| Fibonacci | 50,521.84 | 55,729.89 | 58,947.43 | 64,155.48 | 69,363.53 | 72,581.07 | 77,789.12 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 50.15 | |
| MACD (12,26,9): | -742.3700 | |
| Directional Movement: | -3.53 | |
| AROON (14): | -21.43 | |
| DEMA (21): | 57,391.19 | |
| Parabolic SAR (0,02-0,02-0,2): | 59,400.90 | |
| Elder Ray (13): | 844.92 | |
| Super Trend (3,10): | 59,109.08 | |
| Zig ZAG (10): | 58,692.18 | |
| VORTEX (21): | 0.9100 | |
| Stochastique (14,3,5): | 50.06 | |
| TEMA (21): | 57,387.25 | |
| Williams %R (14): | -37.74 | |
| Chande Momentum Oscillator (20): | 1,232.11 | |
| Repulse (5,40,3): | 1.1400 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.2400 | |
| Courbe Coppock: | 5.95 |
| MA7: | 62,538.97 | |
| MA20: | 63,934.86 | |
| MA50: | 66,647.43 | |
| MA100: | 59,555.40 | |
| MAexp7: | 57,950.31 | |
| MAexp20: | 58,506.75 | |
| MAexp50: | 59,953.95 | |
| MAexp100: | 61,300.75 | |
| Price / MA7: | -8.44% | |
| Price / MA20: | -10.44% | |
| Price / MA50: | -14.08% | |
| Price / MA100: | -3.85% | |
| Price / MAexp7: | -1.19% | |
| Price / MAexp20: | -2.13% | |
| Price / MAexp50: | -4.49% | |
| Price / MAexp100: | -6.59% |
Quotes :
-
Real time data
-
Cryptocompare
This member declared not having a position on this financial instrument or a related financial instrument.
About author
Online
I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
Add a comment
Comments
0 comments on the analysis BITCOIN - BTC/USD - 1H