FX.co ★ Technical analysis for Bitcoin

BITCOIN

Bitcoin failed to break through the border of 60,000.00 again, and so, this level continued to be unsurpassed. It is still the most important for the bullish traders, followed by the maximum extremum (61,633.80), and then the next psychological level (65,000.00). Currently, a downward correction is made to the support levels of the daily Ichimoku cross (57,017.81 - 55,979.80). The psychological level of 55,000.00 has now strengthened the final line of the daily cross (54,645.46). Once the daily Ichimoku gold cross is broken and the price consolidates below, it will allow us to consider the further downward pivots (daily cloud), whose support (50,250.93) is joined with 50,000.00, and the weekly short-term trend (46,954.56) as downward targets.

The downward movement caused the key levels in the smaller time frames to be broken. As a result, they now serve as a resistance and combine forces in the area of 58,464.47 - 58,677.48 (central pivot level + weekly long-term support). A consolidation above this area can change the balance of power in the smaller intervals and confirm the rebound from the reached support levels in the bigger time frames. Here, the further upward targets are set at 59.198.14 - 60,475.47 - 61,209.13.

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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 this instrument.