BITCOIN - BTC/USD - 1H - Technical analysis published on 08/16/2024 (GMT)
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I am pleased to note that the threshold for invalidation has been maintained for 20 Candlesticks.
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
56%
6%
39%
My opinion
Bearish under 60,696.24 USD
My targets
56,716.88 USD (-2.94%)
55,866.19 USD (-4.40%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on BITCOIN - BTC/USD. As long as you are under the resistance located at 60,696.24 USD, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 56,716.88 USD would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 55,866.19 USD as an objective. Crossing it would then enable sellers to target 54,569.40 USD. If the resistance 60,696.24 USD were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
Technical indicators are opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
0.9
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This analysis was given by world script ltda. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The BITCOIN - BTC/USD price is 58,436.22 USD. On the day, this instrument gained +1.53% and was between 57,106.55 USD and 58,638.02 USD. This implies that the price is at +2.33% from its lowest and at -0.34% from its highest.57,106.55
58,638.02
58,436.22
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by BITCOIN - BTC/USD:
Technical
A technical analysis in 1H of this BITCOIN - BTC/USD chart shows a bearish trend. 71.43% of the signals given by moving averages are bearish. Caution: as the signals currently given by short-term moving averages are rather neutral, the bearish trend could slow down. The Central Indicators scanner detects a bullish signal on moving averages that could impact this trend:
Bullish trend reversal : Moving Average 20
Type : Bullish
Timeframe : 1 hour
The technical indicators are bullish. There is still some doubt about the price increase.
But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
The analysis of the price chart with Central Patterns scanners does not return any result.
For a small setback in the very short term, the Central Candlesticks scanner currently notes the presence of this bearish pattern in Japanese candlesticks:
Bearish harami
Type : Bearish
Timeframe : 1 hour
Bearish harami cross
Type : Bearish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 55,866.19 | 56,716.88 | 58,274.94 | 58,436.22 | 60,696.24 | 61,769.60 | 63,996.48 |
| Change (%) | -4.40% | -2.94% | -0.28% | - | +3.87% | +5.70% | +9.52% |
| Change | -2,570.03 | -1,719.34 | -161.28 | - | +2,260.02 | +3,333.38 | +5,560.26 |
| Level | Major | Minor | Major | - | Minor | Intermediate | Minor |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 54,057.95 | 55,355.40 | 56,454.56 | 57,752.01 | 58,851.17 | 60,148.62 | 61,247.78 |
| Camarilla | 56,894.66 | 57,114.35 | 57,334.04 | 57,553.73 | 57,773.42 | 57,993.11 | 58,212.80 |
| Woodie | 53,958.82 | 55,305.83 | 56,355.43 | 57,702.44 | 58,752.04 | 60,099.05 | 61,148.65 |
| Fibonacci | 55,355.40 | 56,270.90 | 56,836.50 | 57,752.01 | 58,667.51 | 59,233.11 | 60,148.62 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 39,121.43 | 44,187.73 | 52,564.28 | 57,630.58 | 66,007.13 | 71,073.43 | 79,449.98 |
| Camarilla | 57,244.04 | 58,476.30 | 59,708.56 | 60,940.82 | 62,173.08 | 63,405.34 | 64,637.60 |
| Woodie | 40,776.55 | 45,015.29 | 54,219.40 | 58,458.14 | 67,662.25 | 71,900.99 | 81,105.10 |
| Fibonacci | 44,187.73 | 49,322.90 | 52,495.42 | 57,630.58 | 62,765.75 | 65,938.27 | 71,073.43 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 39,070.71 | 46,337.18 | 55,479.85 | 62,746.32 | 71,888.99 | 79,155.46 | 88,298.13 |
| Camarilla | 60,110.00 | 61,614.17 | 63,118.34 | 64,622.51 | 66,126.68 | 67,630.85 | 69,135.02 |
| Woodie | 40,008.80 | 46,806.23 | 56,417.94 | 63,215.37 | 72,827.08 | 79,624.51 | 89,236.22 |
| Fibonacci | 46,337.18 | 52,605.48 | 56,478.03 | 62,746.32 | 69,014.62 | 72,887.17 | 79,155.46 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 51.14 | |
| MACD (12,26,9): | -185.9500 | |
| Directional Movement: | 0.38 | |
| AROON (14): | -28.57 | |
| DEMA (21): | 57,947.76 | |
| Parabolic SAR (0,02-0,02-0,2): | 56,692.54 | |
| Elder Ray (13): | 314.34 | |
| Super Trend (3,10): | 57,117.58 | |
| Zig ZAG (10): | 58,480.20 | |
| VORTEX (21): | 1.1300 | |
| Stochastique (14,3,5): | 80.57 | |
| TEMA (21): | 58,078.76 | |
| Williams %R (14): | -15.93 | |
| Chande Momentum Oscillator (20): | -309.16 | |
| Repulse (5,40,3): | 0.6600 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0800 | |
| Courbe Coppock: | 1.02 |
| MA7: | 59,196.56 | |
| MA20: | 60,678.94 | |
| MA50: | 61,570.95 | |
| MA100: | 64,000.94 | |
| MAexp7: | 58,240.33 | |
| MAexp20: | 58,269.37 | |
| MAexp50: | 58,765.22 | |
| MAexp100: | 59,076.94 | |
| Price / MA7: | -1.28% | |
| Price / MA20: | -3.70% | |
| Price / MA50: | -5.09% | |
| Price / MA100: | -8.69% | |
| Price / MAexp7: | +0.34% | |
| Price / MAexp20: | +0.29% | |
| Price / MAexp50: | -0.56% | |
| Price / MAexp100: | -1.08% |
Quotes :
-
Real time data
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Cryptocompare
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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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…
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