12.04.202101:56 Forex Analysis & Reviews: Technical analysis for Bitcoin

Bitcoin

Bitcoin stays hopeful and continues to approach the level of $ 60,000.00. The breakdown of this level and updating the historical high (61633.80) will open the way to the next important psychological target of 65000.00. Currently, the nearest supports are the daily Ichimoku gold cross levels (short-term trend 58339.30 - Fibo Kijun 57037.42). However, what's more important that will give influence for the strengthening of the bearish mood is the combination of support levels in the areas of 55,000.00 (liquidation of the daily golden cross + entry into the daily cloud) and 50,000.00 (psychological level + weekly short-term trend).

Bullish traders have the primary advantage in the smaller time frames, but at the same time, the pair is in the downward correction zone for quite some time. On the morning of April 11, the first resistance of the classic pivot levels (60581.13) was tested. If the price moves up, it is important for the bulls to update the high (61182.80) and continue rising, focusing on the upward borders of the higher time frames and the resistance of the classic pivot levels set at 62552.96 (R2) and 63923.12 (R3). But if the support levels of 59210.97 (central pivot level) and 58197.70 (weekly long-term trend) breaks down, it will change the balance of power in the smaller intervals, and open up new bearish targets for them.

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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.