FX.co ★ Technical analysis for Bitcoin

Bitcoin

The bulls tested the first target of the daily target (49230) during the previous week, indicating some slowdown at the close. Today, the high has been updated and bitcoin seeks to break through a new upward pivot point, which combines two important levels at once 51163 (the final level of the weekly dead cross of Ichimoku) and 51461 (100% working out of the daily target for the breakdown of the cloud). The breakdown and consolidation above the aforementioned pivot points are significant steps towards to further strengthen the bullish mood. Now, the nearest support in the higher time frame is the area of 46960, where the daily short-term trend and the weekly medium-term trend are currently located.

The current advantage allows the bulls to develop an upward trend and mark new highs. In this situation, the pair has broken through R2 (49940) and uses this level as support with a short pause. The next intraday reference point is R3 (50510). The key levels in the smaller periods form support levels that are responsible for maintaining the current balance. They are seen at 48558 (central pivot level) and 47489 (weekly long-term trend).

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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.