Bitcoin Analysis – Buyers attempt a whirlwind comeback

Dear readers, hello! Here Romain, for a technical review around the evolution of Bitcoin prices. What are the major technical supports? What targets are offered at the prices? Analysis of the situation of the king of cryptocurrencies.

Quick tour of the general macroeconomic situation

This week has been lively since Tuesday. In fact, the inflation figures remain high and higher than those of July. These results show that inflation is not weakening and that the United States will have to continue its efforts to reduce this trend.

From a geopolitical point of view, Ukraine has announced that it has regained 6,000 square km of lost territory. This small victory played an important role in the price of natural gas, which fell sharply from the opening on Monday.

Finally, other macroeconomic results, particularly in Europe, will enliven the week and the financial markets. Suffice to say that the start of the school year is in full swing.

Now is the time to take a look at the technical situation of the Bitcoin :

Bitcoin – Weekly chart: Breakout attempt

After weeks spent under Weekly Tenkanprices are once again trying to break through this one.

Bitcoin – Weekly Chart

Located at $22,000it represents the major pivot point on the medium term view. A new refusal would be relatively negative and would be a good argument for sellers who will try to send prices back to their low range, at $18,850.

However, an exit from above would make it possible to find the Fibonacci ratio, at $25,000at first, then the $28,800 expanding!

Volumes continue to rise, which is in line with the return of operators after the summer holidays.

Bitcoin – Daily chart: Positive in the air

While from a medium-term point of view the trend is stabilizing, the short term remains relatively volatile.

Bitcoin – Daily Chart

First of all, last Friday’s session allowed a quick and effective breakthrough of the daily Tenkan. Now prices are trying to break through the daily cloud.

This positive point makes it possible to find an important zone of neutrality to get prices out of their downward trend. In the short term, the top of the cloud remains possible, provided that prices stabilize and validate the $22,000 as support.

Beware of an unexpected market reversal which would send them back to the last entrenchment represented by the zone of $19,000 ! This could come from several factors: a trend reversal on the Ukrainian front. Or even a new tightening of screws on the part of the European Central Bank to fight against inflation that does not stop.

To conclude, a real confirmation of a market reversal will be done by breaking the $25,000. Although this discourse has remained the same since the beginning of the summer, it is the key objective that will take prices and the daily Lagging Span out of this strong zone of congestion, which has been going on since June.


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