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Technical analysis

09.08.202113:50 Forex Analysis & Reviews: Technical analysis for Bitcoin

Bitcoin

The bulls managed to use the monthly support and stop the decline. Last week, they successfully updated the July high and consolidate on the daily time frame above the accumulation of levels, which are now combining forces in the area of 41191 - 42758 (monthly Tenkan + Fibo Kijun + weekly Fibo Kijun + daily Tenkan). As a result, these levels form a zone of current supports, which helped bullish traders to maintain their positions and implement new plans.

The near-term prospects to resume growth are the final levels of the weekly dead cross of 46960 (Kijun) and 51163 (Fibo Kijun), as well as the daily target for breaking the cloud (49230 - 51161). The loss of supports 41191 - 42258 and a reliable consolidation below will change the current balance of forces, and as a result, it will be better to re-evaluate the opportunities and prospects.

The bulls, having an advantage in the smaller time frames, develop an upward trend. Its intraday pivot points can serve as 45983 (R2) and 46813 (R3). Meanwhile, the key support levels, responsible for maintaining the current balance of power, are currently set at 44034 (central pivot level) and 41978 (weekly long-term trend). The nearest support can be noted at 42915 (S1).

***

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Evangelos Poulakis,
Analytical expert of InstaSpot
© 2007-2024

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