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08.06.202315:36 Forex Analysis & Reviews: BITCOIN: Technical analysis of the situation

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Bitcoin

Not long ago, Bitcoin entered the bearish zone relative to the daily cloud, forming a target for a breakout. As a result, the current bearish targets are the weekly support levels of 25,401 - 23,658 and the breakout target between them of the daily Ichimoku cloud (24,653 - 23,943). However, if Bitcoin manages to establish itself above the daily cross (26,644 - 26,944 - 27,299) in the near future, the main target for bulls will be to return to their side of the weekly short-term trend (28,243) and overcome the resistance of the daily cloud (28,002 - 28,439).

On the lower timeframes, the main advantage currently belongs to the bears, but for a long time, we have been witnessing the development of a sideways movement dominated by uncertainty. Today, key levels have come together around 26,629. Working below these levels, as is happening at the moment, can contribute to the continuation of the downward movement. The intraday bearish targets are the support levels of the classic pivot points (25,863 - 25,360 - 24,601). However, if Bitcoin manages to establish itself above the key levels (at the 26,629 boundary), the balance of power will change, and the targets will become the resistance of the classic pivot points (27,126 - 27,884 - 27,388).

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The technical analysis of the situation uses:

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

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

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