technical analysis BTC-KRW
technical analysis BTC-KRW

Technical analysis of BTC-KRW

Bitcoin still appears to be in a phase of consolidation against the won. BTC-KRW hasn’t made any new highs since the middle of last week, and the most recent attempt to resume the uptrend was met with a fairly sharp downward movement in the early morning today GMT.

High resistance on this chart is likely to be summer 2019’s highs slightly above the top of the screen. It also seems to be possible that the most recent high around ₩12.3 million could be a resistance next week. Low support on the four-hour chart could occur around ₩10.8 million, the approximate extent of the previous corrective phase.

Technical indicators on BTC-KRW H4


Moving averages in their usual configuration of 50, 100 and 200 SMAs continue to indicate a buy signal. Each line is successively above the others. It’s possible that that 200 SMA might be an important support if the current pullback deepens over the weekend.

Other technical indicators are generally neutral. There’s no clear signal from Bands as to saturation; price failed to close outside the lower deviation early this morning GMT. RSI at 42 is also quite close to neutral. ADX at nearly 24 indicates a moderate uptrend, with the +DI slightly above the -DI.

Combined orders for bitcoin


Looking at BTC-KRW only, the volume of bids is slightly greater than that of asks by about 5 BTC. The sum of orders required to move price is about the same in both directions. BTC-USD can provide a larger sample size so possibly a more reliable signal.

technical analysis BTC-KRW

The order book for bitcoin-dollar basically reflects that of bitcoin-won. Bids have somewhat greater volume than asks to the tune of about 1,000 BTC. The sum of orders required for downward movement is slightly higher in total than for upward on Bitfinex, the biggest exchange. That said, neither of these factors are likely to be very reliable signals: there is no huge difference in either case.

Futures on bitcoin


BTCF for March has been fairly active with a very small loss overall so far today GMT. This contract is currently down less than 0.4% since midnight.

technical analysis of BTC-KRW

Volume is also fairly low; 172 should be compared with the 400+ observed for February’s futures for many days last month. Traders can probably ignore April-June’s contracts for the time being because of the very low volumes in each case.

Technical analysis BTC-KRW: summary


Overall there is no clear signal for technical indicators for four-hour bitcoin-won at the time of writing. This might mean that BTC-KRW will continue to consolidate for longer than it has typically done so far this year. As yet, there’s no sign on the hourly and higher timeframes that the upward trend might reverse, but traders should still monitor important areas of support from moving averages.

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