12.07.202113:50 Forex Analysis & Reviews: Technical analysis for Bitcoin

Bitcoin

The situation has returned to the uncertainty zone. The center of attraction that holds back further development is now the area that combines the daily Ichimoku cross and the monthly medium-term trend (34354.58). These levels' influence still does not allow us to have a clear leader in the market and make far-reaching plans. An attempt to change the situation with the further appearance of bullish prospects may be a rise to the following resistances 35498-36079 (daily Fibo Kijun + lower limit of the daily cloud) and 37884 - 38958 (weekly and monthly short-term trends). As for the bears, the breakdown of the nearest important border, namely the supports of the minimum extremes (29701.91 – 29151.97), will allow them to make new plans.

The attraction of the levels in the bigger time frames, which provoked long-term uncertainty, does not allow the situation to develop. Therefore, the key levels in the smaller intervals join forces and retain their position. They are currently set in the area of 33501 - 33647 (central pivot level + weekly long-term trend). A movement above these levels will provide a certain preponderance of forces on the H1 chart in favor of the bears.

In contrast, trading and consolidating below the key levels gives the bears the advantage in the smaller time frames. The other pivot points today include the resistance level of 34466 (R2), which is being tested, and 34925 (R3). In turn, the supports of the classic pivot levels are at 33286 - 32827 - 32466.

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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.