FX.co ★ BITCOIN: Technical analysis of the situation

Bitcoin

Higher timeframes

Bitcoin started the new year by continuing its ascent and updating the previous year's high in the process. If the trend continues, bulls will aim to reach the results of 2021 (64,769 – 68,960). Reaching these levels, Bitcoin could aim for the formation of new historical highs. To realize such plans in the near future, it is necessary to confirm a breakout of the monthly cloud on the chart and to confirm the elimination of the monthly death cross in the Ichimoku Kinko Hyo. The final level of the cross was long positioned at the 48,530 mark, so this area may continue to offer resistance. The current nearest supports are the levels of the daily Ichimoku cross (45116 – 44232 – 43348), but for more reliable prospects, bears need to return to the monthly cloud, securing below the region of monthly supports (42,753 – 42,381).

H4 – H1

Despite Bitcoin currently being in a correction zone on the lower timeframes, bulls still maintain their advantage. A change in sentiment may occur after the market falls below the weekly long-term trend (44,791) and can then reverse it. In this case, supports of the classic pivot points (44,200 – 42,971 – 41,083) may come into play within the day today. If bulls manage to maintain their advantage and continue the ascent, they will find the resistances of the classic pivot points (47318 – 49207 – 50436) useful.

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The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)