29.03.202101:57 Forex Analysis & Reviews: Technical analysis for Bitcoin

Bitcoin

The final support of the daily gold cross in the area of the important psychological level of 50,000.00 successfully stopped Bitcoin from moving down earlier. As a result, it went back to the attraction and influence zone of the key levels of the Ichimoku daily cross (Kijun 53996.55 - Tenkan 55131.81), closing the past day higher. These levels now form the current support.

Currently, the plans of the bulls still include breaking through the important psychological level of 60,000.00 and updating the maximum extremum (61633.80). If it declines below the (55131.81 - 53996.55) range, it will return the bears' prospects of overcoming the daily gold cross, whose final level is located at 52194.17. Further, their main task will be to break through the weekly downward correction to the short-term trend (45253.31). Towards this level, Bitcoin will enter the daily cloud (around 50000.00), and the breakdown of the weekly Tenkan will most likely end with the breakdown of the daily cloud and the formation of a new downward target.

The bullish traders are in favor in the smaller time frames. If they manage to maintain the key support levels of 55634.14 (central pivot level) and 54186.04 (weekly long-term trend), the upward movement will resume. Here, the next intraday upward targets are set at 57362.46 (R1) - 58320.12 (R2) - 60048.44 (R3).

On the contrary, the breakdown of support levels, sharp consolidation below and a reversal of moving averages, will allow us to consider continuing the downward movement. In this case, the downward targets will be set at 52948.16 and 51990.50 (support for the classic pivot levels).

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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 instrument.