BITCOIN
The daily time frame still shows uncertainty and consolidation. Bears cannot break support levels that play quite a significant role now. As a result, bitcoin has come under pressure of the congestion of such levels as 42,757.60 (the weekly Fibo Kijun) – 42,284.36 (the daily Tenkan) – 41,513.12 (the monthly Fibo Kijun + weekly Senkou Span A). If the price breaks this congestion and goes beyond the daily cloud (40,088.88), it will reinforce bears' positions and open the way to a deeper decline. If an uncertain candlestick (i.e. a candlestick with equally long shades and a short body) is formed at September's closure and if the price keeps rebounding from support levels, the bearish trend will probably reverse. Therefore, the bullish scenario is likely to unfold. In such a case, the key resistance levels will lie at 45,032.73 (the weekly Tenkan + daily Fibo Kijun) and 46,182.11 - 46,224.80 - 46,960.38 (the monthly Tenkan + weekly and daily Kijun).
Consolidation on the daily time frame prevents us from determining the trend direction on smaller time frames. So the situation is uncertain at the moment. The key levels on the smaller time frames can be found at 42,530.59 (the weekly long-term trend) and 41,395.98 (the central pivot level). They are reinforced by the levels of bigger time frames. Any activity above the mentioned levels will mean the dominance of bulls. The intraday upside targets can be found at the resistance of the common pivot levels. Currently, we can witness consolidation near R2 (43,238.23), and the next target is R3 (43,977.73). If the price breaks below these key levels, bears will take the lead. The downside targets are the support of the common pivot levels at 40,293.23 – 39,553.73 – 38,450.98.
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When conducting the technical analysis, the following tools are applied:
bigger time frame – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 – Pivot Points (classic) + Moving Average 120 (the weekly long-term tendency)