11.06.202112:35 Forex Analysis & Reviews: Technical analysis for Bitcoin

Bitcoin

The bears were unable to update the minimum extremum (29701.91) this week. In addition, another decline did not allow Bitcoin to leave the attraction zone formed by the accumulation of levels in the area of 37297 - 35594 - 34354 (monthly Tenkan + monthly Kijun + the final line of the weekly cross). Thus, the bulls took control of the situation. A consolidation above 37297 will allow us to further strengthen the bullish mood. Once the Ichimoku daily golden cross is broken, there will be opportunities to rise to the next upward pivot points – 41432 (monthly Fibo Kijun + weekly Kijun + lower limit of the daily cloud) and 47235 (weekly levels + upper limit of the daily cloud).

At the moment, Bitcoin is in the correction zone in the smaller time frames. Today's center of gravity is the central pivot level (36772). If it leaves the current consolidation zone (38233.98) and continues to grow, then we can consider the resistances of the classic pivot levels 39285.32 (R2) and 40336.65 (R3).

On the contrary, if bearish traders manage to develop a downward correction in the near future, then the next significant support, which can change the current balance of power in the smaller intervals, can be noted at 35270.89 (weekly long-term trend). A reliable consolidation below will require a new assessment of the situation. The next support levels are set at 34259.30 (S2) and 32797.62 (S3).

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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.