Cryptocurrency Analysis

[IFX_Selena]

BITCOIN - technical analysis of the current situation



Bitcoin was unable to overcome the resistance of the Ichimoku daily cross, reinforced by the monthly medium-term trend (34354.58). Having failed to cope with the resistances after a long confrontation, the bulls lose their strength, as a result, the bulls are active today and are trying to implement the decline. The nearest downward guidelines in the current situation can be noted at the least extremes (29701.91-29151.97) and subsequent supports 27176.82-27160.42 (monthly Fibo Kijun + upper border of the weekly cloud). Stopping and slowing down in a bearish camp, as well as a possible next change in priorities, will make bitcoin recall resistances. Due to the decrease, the resistance levels have slightly changed their location and concentration, uniting within 32827.97 (daily cross) and 34354.58 (monthly Kijun). In case it settles above, not only could it overcome important current resistance, but some trend lines of the current downward movement of higher timeframes will also be broken, so a new assessment of the situation will be needed to clarify further prospects.



We are currently witnessing the development of a downward trend at the lower time intervals. The support for the classic pivot levels S2 (30878) and S3 (30266) are still the downward benchmarks within the day. Key levels, which are now resistances, are starting to strengthen in the area of 32403 (central pivot level) - 32950 (weekly long-term trend), ensuring that the preponderance of forces on the side of the bearish players.

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




Evangelos Poulakis
Analytical expert
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