FX.co ★ BITCOIN - Results of the week

BITCOIN

Having failed to work out the upward target for the breakdown of the daily cloud by 100%, bitcoin limited itself to testing its first target, after which it went into a corrective decline. The downward correction is currently supported by the daily short-term trend (47,142) and the weekly medium-term trend (46,960). Overcoming the supports will lead to the further development of a corrective decline. In this case, the levels of the daily cross (45,378 - 43,815) will be the first to enter the work, and then a wide and strengthened support zone will be met, combining quite a lot of different levels of the higher halves within 42,758 - 38,047. In the current situation, the first target for the breakdown of the daily cloud (49,230), tested earlier, and the boundary 51,163 - 51,461 (the final level of the weekly death cross of Ichimoku + 100% working out of the daily target for the breakdown of the cloud) continue to be ascending benchmarks.

On the lower timeframes, the main advantage at the moment is still on the side of the bears. Nevertheless, a long stay in the upward correction zone led bitcoin to test the central pivot point of the day (47,454). Consolidation higher will allow the bulls to consider the recovery to the weekly long-term trend (48,387). Overcoming 48,387 and the reversal of the moving will affect the current balance of forces of the lower halves, which will allow us to consider new upward targets. Within the day, they can serve as resistances of classic pivot points which are located at 48,735 - 50,557 - 51,838. The formation of a rebound from the tested resistances and the continuation of the decline will return the relevance of the supports of the classic pivot points (45,632 - 44,351 - 42,529).

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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)