While the king of cryptocurrencies has remained relatively calm in recent weeks, it has accompanied the euphoria that has gripped all markets. Technical focus.
Bitcoin – Weekly chart: Still little change
The weekly chart gives very little information. Prices remain in a stable situation and seem to have little motivation to move forward.
A real rebound will be possible when the weekly Tenkan is broken on the upside. Either a return above the level of $21,700. This alarm signal will make it possible to restore the hair of the beast to the Bitcoin. It will open the door to a return to resistance this summer, to $25,000.
As for the support, it still holds up just as well. Located at $18,900, the former 2017 high continues to protect prices from a continuation of the downtrend. Attention, in case of break of this key level, it will be necessary to consider the $15,900 as the next key support. This level is represented by a Fibonacci extension. As a last resort, it will be the former high of 2019located at $13,900…
Bitcoin – Daily Chart: An Attempt to Rebound Under Strong Resistances
As prices broke daily kijunwhich had been blocking them for long weeks, they are now coming up against the daily cloud.
To confirm a technical rebound, Bitcoin must absolutely maintain the level of the $19,330. In order to stay above this daily kijun. Otherwise, a return to the key support of $18,900 is a high probability.
As a bullish scenario, the Bitcoin will have to integrate the daily cloud in order and break the bearish trendline in order to really get rid of strong resistances. This will be an upward opening of the cloud, which is represented by the short-term range, at $22,000. To go further, if this level breaks, it will open the door to a return to the $25,000.
This positive scenario will be possible provided that macroeconomic figures are not getting worse. Which would give strength to sellers who drag the cryptocurrency market down since the end of this summer. Finally, it will be necessary to remain attentive to the quarterly company results. If they are bad, they risk adding fuel to the fire.
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