27.04.202103:55 Forex Analysis & Reviews: Technical analysis for Bitcoin

BITCOIN

Bitcoin, which has tested the area of its all-time high (65,000), has been pushed back quite far by a downward correction over the past couple of weeks. As a result, bulls are now forced to test the previously conquered boundaries of 55,000 and 60,000 again. In the area of 55000, many levels of different timeframes are currently collected (53954,81 – 53825,26 – 54722,18 – 54808,81 – 55914,81). These levels will exert their influence (attraction and resistance), which can lead to a rather prolonged inhibition or consolidation. Failure to overcome the resistance zone in the area of 55000 may contribute to the transformation of the current movement into a retest, after which the pair will again begin to decline. The nearest landmarks of the downward correction are the weekly (45049.58) and monthly (41452.46) support.

At the lower time intervals, bulls attempt to change the current balance of power. The consolidation above the weekly long-term trend (51803.54) and the reversal of the moving average will return opportunities to strengthen bullish sentiment. The main task in this direction will be to overcome the resistance of the older halves in the area of 55000. The return of bitcoin under the key levels of the lower halves, which is now 51803.54 (weekly long-term trend) and 49037.91 (central Pivot level), most likely, activates the bearish sentiment in the market. In this case, the main task of the bears will be the restoration of the downtrend (47060,81).

***

In the technical analysis of the situation, the following methods are used:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)