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BITCOIN - technical analysis of the current situation



Having tested record lows (29702 area), bitcoin strives for a long-term zone of confrontation, in which the daily and monthly crosses of Ichimoku have appeal and influence, as the main levels that are appealing here are 34354 and 37553. It is possible that bitcoin will linger for a long time in this range. Consolidation above will allow us to count on the following important lines 40821 - 41432 - 42342 (lower border of the daily cloud + monthly Fibo Kijun + weekly Fibo Kijun) to be tested. The 38873-39953 area (target for the breakdown of the H4 cloud) might be intermediate resistance on this path. If Bitcoin does not stay in this zone (34354 - 37553), then it will still be important to overcome the support zone of the lowest extremes (29701.91 - 29151.97) in order for new prospects for the downward movement to appear.


At the lower time intervals, the advantage is currently on the side of the bulls. An upward trend is forming. The next guidelines for the players to rise within the day are now 36800-38377 (resistances of the classic Pivot levels). Key supports for the lower halves are forming a support zone in the area of 34126-33459 (central pivot level + weekly long-term trend).


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 -