Cryptocurrency Analysis

[IFX_Selena]

Technical analysis of BCN/USD pair

BCN/USD



There was a productive and promising rise, followed by an equally large-scale and significant decline. As a result, the market is looking for a foothold to stop losses. At the moment, the support of the weekly cloud (426.97 - 381.18) has been found. The breakdown of the encountered supports will open the way to the target for the breakdown of the daily cloud. The first target is set at 176.81, and 100% of the development is at 14.38, which will almost completely destroy the former price ratios. If the slowdown is indicated and formed, according to the results of which the bulls will start to restore their positions. The nearest important level is within the range of 468.24 - 500.11 (the daily Ichimoku dead cross). An entry into the daily cloud (538.03) and the breakdown of the weekly short-term trend (594.30) will be important.



The encountered support levels in the smaller time frames have been restraining the development of the situation for quite some time. Being under key levels retains some advantage on the bears' side, and due to which, there are chances to further fall. Today, the supports of the classic pivot levels can be marked at the borders of 428 - 420 - 408. The breakdown of the key levels 440-447 (central pivot level + weekly long-term trend) and a sharp consolidation above will be able to change the balance of forces acting on the hourly chart. Here, the upward pivot points are now located at 449 - 460 - 469.


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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