Main Quotes Calendar Forum
flag

FX.co ★ BITCOIN: Technical analysis of the situation

parent
Forex Analysis:::2023-07-18T11:46:51

BITCOIN: Technical analysis of the situation

BITCOIN: Technical analysis of the situation

Bitcoin

Higher timeframes

Bitcoin has reached its daily target towards the first target level (31,387) and touched the zone of influence of the upper boundary of the weekly cloud (31,389). Currently, we observe a slowdown and consolidation, letting the pair settle below the daily cross. In the event of a retest, the resistances of the cross located around 30,707–30 may come into play. Further decline will allow bearish players to target the support from the weekly short-term trend (28,272). However, if Bitcoin continues its ascent and surpasses 31,389, then attention will shift towards the 100% fulfillment of the daily target (32,124) and move towards the lower boundary of the monthly cloud (32,763).

BITCOIN: Technical analysis of the situation

H4 - H1

On lower timeframes, Bitcoin has been moving in a sideways trend for quite some time, but the main advantage belongs to the bears. Within the day, the reference points for further decline are the support levels of the classic pivot points (29,608 - 29,296 - 28,923). If the bullish players manage to rise and establish themselves above the weekly long-term trend (30,484), the balance of power will change, and the main advantage will shift to the bulls' side. Within the day, above the weekly long-term trend, two more resistance levels of classic pivot points are located today at 30,667 and 30,979.

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...