Cryptocurrency Analysis

[IFX_Selena]

Technical analysis for Bitcoin

Bitcoin


The encounter with the resistance of the weekly medium-term trend (46960) not only led to a slowdown but also resulted in a daily downward correction. In the morning, the bearish traders took over the short-term trend (45864). Further development of the decline and strengthening of bearish mood will direct Bitcoin to a significant support zone, where daily levels (42585 - 40900), weekly Fibo Kijun (42758), and monthly supports (41532 - 41165) combine their efforts.

But if the current decline ends and the resistance of the weekly medium-term trend (46960) is broken, the bulls will have an opportunity to rise to new upward targets, which are currently located at 51163 (weekly Fibo Kijun) and 49230 - 51161 (daily target for the breakdown of the cloud).



The bears currently have the advantage in the smaller time frames. Today, Bitcoin has already fallen into the influence zone of the first support of the classic pivot levels (43751), followed by S2 (43023) and S3 (41925). At the moment, it is in the correction zone and is testing the central pivot level (44848). The next important level is now in the area of 46000. A breakdown and consolidation above the key levels (44848 - 46000) will affect the current balance of power on the hourly chart, while the daily short-term trend (45864) will be returned to the bulls. As a result, the question will arise about the completion of the current downward movement, with the aim of a new test of the weekly resistance (46960).

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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