Bitcoin
Bitcoin retreated from the strong psychological level of 20,000 and settled below the first weekly target of the Ichimoku Cloud at 16,933. The weekly short-term trend at 16,133 currently serves as support. If buyers manage to stay in control of the market in the current conditions and continue to develop an upside correction, their next upward targets will be found at 16,933 – 17,766 – 18,473 (the nearest weekly and daily levels). In case the price breaks below the support level of the short-term trend at 16,133 and settles firmly below the low of 15,477.68, this will indicate the continuation of the downtrend. In this scenario, the next target for bears will be the level of 11,152 (complete testing of the weekly target) and 10,068 (upper boundary of the monthly cloud).
On lower time frames, the instrument has dropped below the key levels and is now retesting them. The key levels today are found at 16,450.92 (weekly long-term trend) and 16,262.50 (central pivot level). In case Bitcoin develops an uptrend, it will need to break above the standard pivot levels of 16,524.56 – 16,850.89 – 17,112.96. If after testing the weekly long-term trend at 16,450.92 bears will still prevail, they have a good chance to extend the decline after retesting the low of 16,000.43). They should focus on the standard pivot levels of 15,936.16 – 15,674.10 – 15,347.76 on the intraday chart.
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Technical analysis is based on:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 – Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)
