BITCOIN
The main role in the completion of the previous downward correction was played by the support of the daily Ichimoku cross, it helped to keep afloat the interests of the players on the rise, which as a result regained the advantage, restored the upward trend and marked a new high of 61633.80. At the moment, we are again seeing a corrective decline. The daytime cross of the Ichimoku has once again entered the work. Its support can now be combined in the area of 55471.80 - 54560.69 (Tenkan + Fibo Kijun 1) - 52375.80 (Kijun) – 50190.91 (Fibo Kijun 2). Overcoming these supports will affect the current balance of power, it will open the way for a decline to the daily Ichimoku cloud and the implementation of a weekly downward correction to the short-term trend of 45282.80. If the current corrective decline is completed, the main task for the players to increase will be to consolidate above the last historical maximum of 61633.80, thereby restoring the upward trend and the next upward benchmarks will be the psychological levels of 65000,00 and 7000,00.
In the lower halves, bitcoin went down under the key levels, which means that the advantage is on the side of the players of the decline. As of this moment, they tested the first support level of the classic Pivot levels (53984.66), then the downward benchmarks within the day are 51225.53 (S2) and 47884.70 (S3). If bitcoin regains the key levels of 57325.49 (the central Pivot level) – 57890.59 (the weekly long-term trend), then the question of restoring bullish advantages and sentiment will again arise. The resistance levels of the classic Pivot levels, which are located at 60084,62 – 63425,45 – 66184,58 now serve as the upward reference points within the day.
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In the technical analysis of the situation, the following methods are used:
higher time frames - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1-Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company - www.instaforex.com