FX.co ★ Technical analysis for Bitcoin

Bitcoin

The bulls were able to stop a major decline at the close of the previous week by forming a long lower shadow on the weekly candlestick. Due to this, we have seen consolidation in the accumulation area of various levels and continuous uncertainty in the last few days. The center of gravity can now be designated at 43883 - 42753 (daily Tenkan + weekly Fibo Kijun). Currently, the resistances that hinder the development of the upward movement can be noted at the borders of 45033 (weekly short-term trend) and 46180 - 46960 (daily levels + weekly Kijun + monthly Tenkan).

Now, the bears have to break through the levels of 41513 - 41537 (monthly Fibo Kijun + weekly Senkou Span A) to regain their advantages and opportunities, and then leave the daily cloud and update last week's minimum extremum (39491).

Bitcoin has moved above key levels in the smaller timeframes, which are joining forces around 42658 - 43134 (weekly long-term trend + central pivot level). This arrangement favors the bullish mood to develop. The upward pivot points are the resistances of the classic pivot levels at 44611 - 45661 - 47614. It is worth noting that the breakdown of the key support levels (42658 - 43134) and consolidation below will change the current balance of power on the hourly chart, which will favor the bears. In this case, we can consider the support of the classic pivot levels set at 41607 - 39655 - 38604 to be the downward pivot points.

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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 cryptocurrency.