Cryptocurrency Analysis

[IFX_Selena]

Technical analysis for Bitcoin

BITCOIN


The situation has not significantly changed since the last analysis. Bitcoin returned to the zone of its previous consolidation after testing the lows. The center of attraction of this zone is now formed by the levels of the daily cross (35164 Kijun - 33689 Tenkan) and the monthly medium-term trend (34355). In the short term, it is important for the bulls to leave the current attraction zone and consolidate above the next resistance levels of 37880 - 38958 (lower border of the daily cloud + monthly Tenkan) As for the bears, their main task after getting rid of the attraction (34355) is to update the lows (29152 - 29702) and sharply consolidate below.



Bitcoin changes its location in the smaller time frames quite often relative to key levels, while none of the participants achieves performance and stability, which confirms the uncertainty and consolidation in the higher time frames. At the moment, the next testing of the key levels is underway, which are located at 35082 (central pivot level) and 34300 (weekly long-term trend) today. A movement below the levels will provide an advantage to the bearish traders. In this case, we can note the support of the classic pivot levels of 33672 and 33149 as pivot points in the H1 chart.

On the contrary, a consolidation above the key levels (34300 - 35082) will form preconditions and conditions to strengthen the bullish mood. In this case, the upward pivot points 35970 - 36493 - 37380 (resistances of classic pivot levels) may appear.

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.





Evangelos Poulakis
Analytical expert
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