Technical analysis of the current situation for BTC/USD

BCN/USD

analytics60538cb7d6dc8.jpg

Currently, Bitcoin cash against the US dollar is being considered. It is unlikely to break through important resistance levels that will allow us to make new prospects. A daily cloud, a daily cross (final levels are set at 578-618) and weekly levels (570.62-554.37) remains dependent on bullish prospects. If the pair manages to break through these resistances and firmly consolidates above, it will allow us to consider again the possibility of moving up to the area of the last month's high (771.97).

As for the bearish direction, there are hindrances that prevent progress. The support is now provided by the level of 518.37, followed by the united weekly (487.15) and monthly (485.81) levels, and the most strengthened and significant fairly wide support area set at 440.04 (monthly medium-term trend) - 419.63 (weekly Fibo Kijun) - 408.46 (low extreme).

analytics60538cc861e86.jpg

At present, there is a struggle for key levels in the smaller time frames. The bulls successfully broke through the central pivot level (528.47), and so, the main target is now the weekly long-term trend (544.76). A consolidation above it and a reversal of the moving average will contribute to the bullish mood's strengthening in the market. After that, the main attention will be directed to the breakdown of the above-mentioned resistance levels in the bigger time frames. The central pivot level (528.47), support for the upper time frames (518.37), and the previous low extreme (501.20) can be noted for the bears in the near future.

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.

The material has been provided by InstaForex Company - www.instaforex.com

Pages