After weeks without a trend, Bitcoin, like all risky markets, begins this last quarter with a significant technical recovery. Which could finally make it possible to unblock the situation. Analysis of the situation.
Bitcoin – Monthly Chart: Long-term remains a concern
Although in the short term the situation appears to be stabilizing, over several months the situation remains bearish.
In fact, the prices are still far off 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 take several months before they have the opportunity to se cross upwards...
Bitcoin – Weekly Chart: Is The End Of The Wait Nearing?
After several months of reach, since this summer, prices are still technically locked.
In fact, to provide confirmation of the recovery that prices are attempting this week, you always have to break the weekly Tenkan identified as the main resistance. It’s worth bearing in mind that it has already blocked prices during a trial begun this summer. Prices must therefore break $21,670 and close above this level to give this warning signal was awaited by many.
Unlike the monthly chart, the MACD indicator maintains this bullish signal given by the upward crossing of the two moving averages. This remains an additional argument that would justify this technical upswing.
Finally, it is worth noting that the increase in volume when trying to break through the bottom of the support of $18,800 is evidence 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 are trying to rebound again.
This Monday the daily Tenkan was broken increasing. And so a boulevard to the daily Kijun opens at $20,450. The scenario was the same last week and finally the closure was completed without major change. If the outbreak is confirmed this time, then buyers will be better off. First to break Daily kijun on the riseand then cross this thin cloud, towards the daily SSB surface at $21,700.
The MACD indicator accompanies this movement with moving averages converging upward with honesty.
Moving on, it should be noted that many sellers have stop loss in place in the area $23,000. If buyers manage to pass this area, it is a boulevard mod $25,000.
Finally, this week’s moves will be accompanied by strong macroeconomic results. These will certainly add volatility to the current situation.
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