Technical analysis for Bitcoin

Bitcoin

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The bulls could not change or question the bearish nature of the last weekly candle. But in order to realize the current potential and gain new prospects, the bears now must break through the strong accumulation zone of supports of various time intervals 42758 - 39810 (daily cloud + weekly and monthly levels). Currently, the strength of the encountered supports, which are located directly below last week's minimum extremum (43127.98), can help maintain the slowdown that was outlined earlier. At the same time, bullish traders will seek to restore their positions. To do this, they need to break through the nearest and subsequent resistances 46620 - 46960 (weekly Kijun + monthly Tenkan + daily Fibo Kijun), 48000 (daily Kijun), and 49150 (daily Fibo Kijun).

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There is a struggle for key levels in the smaller time frames, which are currently combining their efforts in the area of 45302-635 (central pivot level + weekly long-term trend) and are the center of attraction for the consolidation movement of the last days (47315 - 43128). A reliable consolidation above will help strengthen the bullish mood, but for this, the bulls must break through the resistance levels of 46620-960 in the higher time frames.

In turn, updating the lows (43128) can restore some bearish advantages, which will immediately face the next strong support zone 42758 - 39810. Based on this location of the leading pivot points, the preservation of uncertainty and consolidation in the near future has quite high chances.

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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 cryptocurrency.

The material has been provided by InstaForex Company - www.instaforex.com

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