BITCOIN - technical analysis of the current situation

BITCOIN

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After reaching the first target target for the breakthrough of the daily cloud (49,230), bitcoin failed to reach and hit the target completely, therefore, growth targets 51,163 (the final level of the weekly dead cross of Ichimoku) and 51,461 (100% completion of the daily target at the breakdown of the cloud) have retained its meaning and location. With a correctional decline, support was tested in the area of 46,960-47,142, where the daily short-term trend and the weekly medium-term trend are currently located. Forming a rebound from the supports that were reached will return bitcoin to the resistance of 49,230, and its breakthrough will open the way to 51,163-51,461. The players' failure to rise will lead to the continuation and development of the downward correction. Its closest reference points are now the support of the daily cross, located at 45,377 (Fibo Kijun) - 43,815 (Kijun).analytics612695302252f.jpg

On lower time intervals, bearish traders managed to capture key levels during the daily correction, which now form resistances and protect bearish interests. Now key H1 levels are joining forces in the area of 48,910-48,557 (central Pivot level + weekly long-term trend). A breakthrough and consolidating higher will allow the bulls to form a rebound from the met supports of the higher halves and continue the growth. The next upward reference points within the day will be the resistance of the classic Pivot levels (49,483 - 50,719 - 51,645). The players' failure to rise and maintain the role of resistances by the key levels of the lower halves after the current retest can contribute to restoring bearish activity and performance. For them, the most important thing in the current situation is to overcome the supports of the higher halves at 46,960-47,142.

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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

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