empty
17.09.2021 01:10 PM
Technical analysis for Bitcoin

BITCOIN

This image is no longer relevant

Previously, the bulls have failed. They only managed to test such important pivot points as the final level of the weekly golden cross (51163) and the level of the daily target for the breakdown of the Ichimoku cloud (51461). After that, they sharply returned from the achieved positions, so now, these traders are spending time and effort to restore their former bullish advantages. It is still difficult to say how successful the result will be since the depth of the decline was significant, and there is currently an accumulation of levels on the recovery path that provide resistance and attraction.

The bulls managed to overcome the 46620-46960 (weekly Kijun + monthly Tenkan + daily Fibo Kijun) zone, which they now use as support when testing the resistance level of 48000 (daily medium-term trend). The next resistance is 49151 (daily Fibo Kijun + the first target of the daily target), and only after that, the bulls will be able to compete for the border of 51163-51461 again.

This image is no longer relevant

The advantage in the smaller timeframes belongs to bullish traders, although they are in the correctional zone. The central pivot level (47479) is the current support. The development of a downward correction is possible up to the next key level, that is, the weekly long-term trend (46502). A consolidation below can change the existing balance of power, while it will be better to re-evaluate the situation. If the correction zone ends, the resistance 48973 and 49517 (classic pivot levels) will serve as upward pivot points today.

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of this cryptocurrency.

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Forecast for May 8, 2025

As expected, the Federal Reserve left its monetary policy unchanged following yesterday's meeting. Jerome Powell only slightly reinforced the market's expectations of rising inflation. Markets still anticipate the first rate

Laurie Bailey 05:09 2025-05-08 UTC+2

GBP/USD Forecast for May 8, 2025

At today's meeting, the Bank of England is expected to lower the key interest rate from 4.50% to 4.25%. Business media claim the market has already priced in this event

Laurie Bailey 05:09 2025-05-08 UTC+2

USD/JPY Forecast for May 8, 2025

USD/JPY The daily chart shows that the price is reversing downward from the green price channel lines. The first such reversal occurred on May 2, marked by a red arrow

Laurie Bailey 05:09 2025-05-08 UTC+2

GBP/USD. Analysis and Forecast

Today, the GBP/USD pair is pulling back from yesterday's bullish impulse. The retracement is supported by the modest strength of the U.S. dollar. From a technical standpoint, the pair

Irina Yanina 19:28 2025-05-07 UTC+2

Trading Signals for GOLD (XAU/USD) for May 7-9, 2025: buy above $3,360 (21 SMA - 8/8 Murray)

Early in the American session, gold is trading around 3,382, rebounding after reaching a low of 3,359 during the opening session. A strong technical rebound suggests a rally

Dimitrios Zappas 17:49 2025-05-07 UTC+2

Forex forecast 07/05/2025: EUR/USD, USDX, SP500, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:04 2025-05-07 UTC+2

EUR/USD – May 7th: Bulls Are Reversing the Trend

On Tuesday, the EUR/USD pair reversed in favor of the euro and rose to the resistance zone of 1.1374–1.1383. A rebound from this zone triggered a decline in favor

Samir Klishi 10:56 2025-05-07 UTC+2

GBP/USD – May 7th: Global Uncertainty and the FOMC

On the hourly chart, the GBP/USD pair on Tuesday reversed in favor of the British pound and closed above the resistance zone of 1.3344–1.3357. Therefore, a rebound from this zone

Samir Klishi 10:52 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement Natural Gas Commodity Instrument, Wednesday May 07, 2025.

On the 4-hour chart, the Natural Gas commodity instrument appears to have a bearish 123 pattern followed by a bearish Ross Hook (RH) plus confirmation that the price movement

Arief Makmur 07:43 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 07, 2025.

If we look at the 4-hour chart of the AUD/JPY cross currency pair, we will see a Descending Broadening Wedge pattern where this pattern gives an indication that

Arief Makmur 07:43 2025-05-07 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.