BITCOIN - BTC/USD - 1H - Technical analysis published on 09/07/2024 (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:
Strongly bearish
Technical indicators
72%
6%
22%
My opinion
Bearish under 55,866.19 USD
My targets
53,304.48 USD (-1.70%)
50,742.68 USD (-6.42%)
My analysis
With a strongly bearish trend, the price of BITCOIN - BTC/USD is trying to inflate a little while more or less stagnating in the short term. Is the price preparing for a rebound or a bearish rally recovery? Sellers' generally have the upper hand, even if a small correction (not tradeable) on the resistance located at 55,866.19 USD remains possible. It would be possible for traders to only trade short positions (for sale) on BITCOIN - BTC/USD as long as the price remains well below 55,866.19 USD. The next bearish objective for sellers is set at 53,304.48 USD. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 50,742.68 USD. In case of crossing, the next objective would be the support located at 47,352.27 USD.
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
2.1
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Additional analysis
Quotes
The BITCOIN - BTC/USD rating is 54,223.72 USD. On the day, this instrument gained +0.50% and was between 53,742.92 USD and 54,389.88 USD. This implies that the price is at +0.89% from its lowest and at -0.31% from its highest.53,742.92
54,389.88
54,223.72
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by BITCOIN - BTC/USD:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of BITCOIN - BTC/USD in 1H shows a overall strongly bearish trend. 82.14% of the signals given by moving averages are bearish. Caution: this global trend is showing signs of running out of steam given the neutral signals of short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish trend reversal : adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
In fact, 13 technical indicators on 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
RSI indicator: bearish divergence
Type : Bearish
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
Aroon indicator bullish trend
Type : Bullish
Timeframe : 1 hour
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 47,352.27 | 50,742.68 | 54,012.71 | 54,223.72 | 55,866.19 | 57,760.82 | 58,274.94 |
| Change (%) | -12.67% | -6.42% | -0.39% | - | +3.03% | +6.52% | +7.47% |
| Change | -6,871.45 | -3,481.04 | -211.01 | - | +1,642.47 | +3,537.10 | +4,051.22 |
| Level | Minor | Minor | Intermediate | - | Major | 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 | 47,605.15 | 50,086.01 | 52,020.50 | 54,501.36 | 56,435.85 | 58,916.71 | 60,851.20 |
| Camarilla | 52,740.77 | 53,145.51 | 53,550.25 | 53,954.99 | 54,359.73 | 54,764.47 | 55,169.21 |
| Woodie | 47,331.97 | 49,949.42 | 51,747.32 | 54,364.77 | 56,162.67 | 58,780.12 | 60,578.02 |
| Fibonacci | 50,086.01 | 51,772.67 | 52,814.70 | 54,501.36 | 56,188.02 | 57,230.05 | 58,916.71 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 48,857.01 | 53,304.48 | 56,142.61 | 60,590.08 | 63,428.21 | 67,875.68 | 70,713.81 |
| Camarilla | 56,977.21 | 57,645.06 | 58,312.90 | 58,980.75 | 59,648.60 | 60,316.44 | 60,984.29 |
| Woodie | 48,052.35 | 52,902.15 | 55,337.95 | 60,187.75 | 62,623.55 | 67,473.35 | 69,909.15 |
| Fibonacci | 53,304.48 | 56,087.58 | 57,806.98 | 60,590.08 | 63,373.18 | 65,092.58 | 67,875.68 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 33,972.55 | 41,613.30 | 50,297.02 | 57,937.77 | 66,621.49 | 74,262.24 | 82,945.96 |
| Camarilla | 54,491.52 | 55,987.93 | 57,484.34 | 58,980.75 | 60,477.16 | 61,973.57 | 63,469.98 |
| Woodie | 34,494.05 | 41,874.04 | 50,818.52 | 58,198.51 | 67,142.99 | 74,522.98 | 83,467.46 |
| Fibonacci | 41,613.30 | 47,849.24 | 51,701.82 | 57,937.77 | 64,173.71 | 68,026.29 | 74,262.24 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 46.60 | |
| MACD (12,26,9): | -395.4600 | |
| Directional Movement: | -8.96 | |
| AROON (14): | 71.43 | |
| DEMA (21): | 53,694.22 | |
| Parabolic SAR (0,02-0,02-0,2): | 52,769.15 | |
| Elder Ray (13): | 206.20 | |
| Super Trend (3,10): | 55,198.97 | |
| Zig ZAG (10): | 54,377.16 | |
| VORTEX (21): | 0.8700 | |
| Stochastique (14,3,5): | 94.91 | |
| TEMA (21): | 53,815.13 | |
| Williams %R (14): | -1.10 | |
| Chande Momentum Oscillator (20): | 1,517.78 | |
| Repulse (5,40,3): | 0.6100 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.1500 | |
| Courbe Coppock: | 0.19 |
| MA7: | 56,622.88 | |
| MA20: | 59,387.62 | |
| MA50: | 61,109.77 | |
| MA100: | 62,452.56 | |
| MAexp7: | 54,111.04 | |
| MAexp20: | 54,303.94 | |
| MAexp50: | 55,213.72 | |
| MAexp100: | 56,178.35 | |
| Price / MA7: | -4.24% | |
| Price / MA20: | -8.70% | |
| Price / MA50: | -11.27% | |
| Price / MA100: | -13.18% | |
| Price / MAexp7: | +0.21% | |
| Price / MAexp20: | -0.15% | |
| Price / MAexp50: | -1.79% | |
| Price / MAexp100: | -3.48% |
Quotes :
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Real time data
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Cryptocompare
This member declared not having a position on this financial instrument or a related financial instrument.
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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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