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The bearish traders, who outlined the preconditions for the decline in April, are busy with the implementation of the downward movement in May. Last week was productive for the bears. They managed to cope with the attraction of the daytime cloud and, having gone beyond it, worked out the breakout target (45275 - 43109). Now bitcoin is in a fairly wide support zone formed by benchmarks from different time intervals (46238 - 45275 - 43109 - 41432 - 40514). The attraction and influence of such strong levels, combining their efforts in the support zones encountered, can again delay the development of the situation for a long time. For the appearance of further plans, the bulls need to implement a rebound from the encountered support and attraction zone. The main reference point in this case will be the area of 55000, overcoming this milestone will allow making new plans. Intermediate resistances on this path can currently be noted at 48858 – 50895 – 53515. In turn, the breakdown of the support zones (46238-40514) will lead to testing of important monthly boundaries (Ichimoku golden cross 37297 – 34354), and also raise the question of eliminating the weekly Ichimoku golden cross, its final boundary is now located at 34790.
The advantage of the lower halves belongs to the bears. Support for classic Pivot levels can be noted at 42137 – 40124 – 36288. There is a downward trend, but at the moment bitcoin is in the correction zone. The main benchmarks for the development of the correction are located today at 45973 (the central Pivot level of the day) and 49289 (the weekly long-term trend). Fixing above can change the current balance of power in the lower halves and confirm the formation of rebound from the supports encountered in the higher halves.
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The technical analysis of the situation uses:
higher 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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