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BITCOIN - technical analysis of the current situation

BITCOIN

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Another test of the existing lows of the current monthly correction for the bears was not crowned with success. It was not possible to overcome the area and continue the decline. As a result, the third extremum (29184.48) was formed, previously 29701.91 (05/19/21) and 29151.97 (06/22/21) were designated here. The support zone formed by these three anchor points now serves as the most significant border for short players. The passage of these supports and the subsequent breakdown of the weekly cloud, as well as the elimination of the monthly Ichimoku gold cross (the final line of 27176.82) will allow the downward trend players to consider new far-reaching plans. Another failure of the bears provided the opponent with the opportunity to quickly climb to the area of important resistances of the existing section - 33534 - 34355 - 35164. When consolidating above, the daily dead cross will be eliminated, bitcoin will enter the daily cloud and take over the weekly short-term trend. All this will also lead to the consideration of new large-scale prospects only for the players for the increase. The primary task in this direction will be to form a full-fledged rebound from the met supports of the monthly cross of Ichimoku (34355 Kijun + 38958 Tenkan + 41532 Fibo Kijun).

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On lower timeframes, the advantage is now completely on the side of the bulls, who are actively implementing the upward trend. The resistance of the classic Pivot levels can now serve as upward guidance within the day. With the development of downward corrections, one can focus on the support of the classic Pivot levels. The area of the most important supports, responsible for the distribution of support forces, can now be designated at the place where the support for the weekly long-term trend (32237) and the daily Ichimoku cross (32704 - 31954) merge. Testing and consolidating below will affect the current distribution of forces and will require a new assessment of the situation.

***

In the technical analysis of the situation, the following are used:

higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

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