After weeks without a trend, Bitcoin, like all risky markets, begins this last quarter with a significant technical rebound. Which could finally allow the situation to be unblocked. Analysis on the situation.
Bitcoin – Monthly chart: the long term remains worrying
Even if in the short term the situation seems to be stabilizing, the situation over several months remains bearish.
Indeed, prices remain far from the Monthly Kijun and only have the Fibonacci ratio as the last solution. If he lets go, consider $13,780 as next support.
Equally, the MACD indicator remains strongly bearishwith its two moving averages which remain bearish and will need several months before having the opportunity to se cross upwards...
Bitcoin – Weekly Chart: Is the End of the Wait Nearing?
After several months of range, since this summer, prices are still technically locked in.
Indeed, to give a confirmation of the rebound that prices are trying this week, you always have to break the weekly Tenkan identified as the main resistance. It is worth remembering that it has already blocked prices during an attempt initiated this summer. The prices must therefore break the $21,670 and close above this level to give this warning signal awaited by many.
Unlike the monthly chart, the MACD indicator retains this bullish signal given by the upward crossing of its two moving averages. This remains an additional argument that would justify this technical rebound.
Finally, it is worth noting that the rise in volumes when trying to break through the bottom of the support of the $18,800 is proof that buyers remain strong but also that sellers are losing the strong hand they had since the beginning of this year.
Bitcoin – Daily chart: New onslaught of buyers
After a week without much change, buyers try rebound again.
Indeed, this Monday, the daily Tenkan was broken on the rise. And therefore opens a boulevard to the daily Kijun at $20,450. The scenario was similar last week and finally the closing was done without much change. If the breakout is confirmed this time, then buyers will be better off. First to break the Daily kijun on the risethen to cross this thin cloud, towards the daily SSB flat at $21,700.
The MACD indicator accompanies this movement with moving averages converging upwards with frankness.
To go further, it should be noted that many sellers have stop-loss in place in the area of $23,000. If buyers manage to pass this area, it is a boulevard towards the $25,000.
Finally, this week’s movements will be accompanied by strong macroeconomic results. These are sure to add volatility to the current situation.
Is it possible to be a winner every time? Whether the Bitcoin price is in great shape, or going through turbulence, CryptoTrader™ allows you to increase your chances of success through its 100% automated algorithmic trading tool.
Trading cryptocurrencies carries a high level of risk, and may not be suitable for everyone. It is recommended that you fully inform yourself of the associated risks, and only invest amounts that you can afford to lose.
The content offered on the CryptoActu.com site is solely for educational and informative purposes. They do not constitute recommendations in any way. They cannot be considered as an inducement to trade financial instruments.
The CryptoActu.com site does not guarantee the results or the performance of the financial instruments presented. Consequently, we decline any responsibility in the use which can be made of this information and the consequences which can result from it.