Bitcoin
After fulfilling the weekly target according to the first target, Bitcoin went into a correction, managing to rise to the resistance of the monthly short-term trend (23,712). Having started February with testing such a significant level, Bitcoin is now busy forming the result of this interaction, so further opportunities for the development of the situation will be determined by the outcome of the interaction.
Considering the current targets for the movement, it can be noted that for bulls, the most significant are the boundaries of the daily Ichimoku Cloud at 22,029 – 22,455 – 22,881, as well as 23,712 (monthly short-term trend), which recently managed to stop the strengthening of bullish sentiment. If we consider the nearest downward targets, then players need to focus on overcoming a fairly wide zone where support levels of various timeframes (20,904 – 20,265 – 20,000 – 19,868) have accumulated.
On the lower timeframes, we observe a long lateral movement, while the main attraction is the central pivot point of the day. If the decline continues, intraday targets will be 21,606 – 21,470 – 21,225 (support of classic pivot points). When the upward movement resumes, breaking through 22,084 (resistance of the weekly long-term trend) and the reversal of the moving average will be of primary importance, allowing change in the sentiment and considering new upward prospects.
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In the technical analysis of the situation, the following are used:
higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
