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24.05.202113:08 Forex Analysis & Reviews: BITCOIN

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BITCOIN

Last week, bears proved their intention and continued pushing the price lower. As a result, the price showed a downward correction to the levels of monthly and weekly Ichimoku crosses.

At the same time, on the daily time-frame, this movement led to a change in the trend.

A slowdown and fixation were noted near the accumulation area between 37,297 – 35,594 – 34,354 (monthly Tenkan + Kijun + the final boundary of the weekly cross).

If bitcoin breaks and fixes below the mentioned levels, it may lose the support from the Ichimoku weekly golden cross. In this case, the price could decline to the final support level of the monthly golden cross (27,176). As a result, the trend may change on the bigger time-frames. Next bearish targets could be located at the weekly and monthly Ichimoku clouds.

If bulls manage to keep bitcoin from a further decline and begin to recover, the nearest resistance levels, which could put pressure, will be located at 39,756 (daily Tenkan) – 41,432 (monthly Fibo Kijun + weekly Kijun + daily Fibo Kijun) – 44,615 (daily medium-term trend) – 47,235 (weekly levels + daily Fibo Kijun).

The current slowdown on the bigger time-frames led to an upward correction on the one-hour chart. Bulls managed to reach the pivot point (34,376). As a result, the next target is located at (37,712). If the price consolidates above the mentioned level and the trend reverses, the situation on the small time-frames will also change.

Thus, for today, next targets are located at 41,595 and 44,834.However, if bitcoin downwardly breaks the support levels and resumes falling, next support levels will be seen at 30,397 – 27,158 – 23,178.

When making the technical analysis, the following tools were used:

Big time-frames - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

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

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