While the cryptocurrency king has remained relatively quiet in recent weeks, it has accompanied the euphoria that has gripped all the markets. Technical focus.
Bitcoin - Weekly chart: still few changes
The weekly chart provides little information. Prices remain in a stable situation and seem little motivated to move.
A true rebound will be possible when the weekly Tenkan is broken up.. That is, a return higher than the 21 700 $. This wake-up call will help revive the Bitcoin. He will open the door to a return to the resistance this summer, to the 25 000 $.
As for support, it continues to hold up well. Located in 18 900 $, the former high of 2017 continues to protect prices from a continuation of the downtrend. Attention, in case of breaking of this key level, we will have to take into account 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 2019at 13 900 $...
Bitcoin - Daily Chart: An attempt to rebound under strong resistance
When the prices broke the Daily Kijunthat has blocked them for many weeks, now they collide with the daily cloud.
To confirm a technical rebound, Bitcoin must hold the level of 19 330 $. To stay above this Daily Kijun. Otherwise, a return to key support of 18 900 $ it is a high probability.
As a bullish scenario, the Bitcoin will have to integrate the daily cloud in order to break the bearish trendline to really get rid of strong resistance. This will be an opening towards the top of the cloud, which is represented by the short term range, a 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 data does not deteriorate. This would give the sellers strength that have been dragging the cryptocurrency market down since the end of the summer.. Finally, it will be important to keep an eye on the progress of the quarterly results of the companies. If they are bad, they risk adding fuel to the fire.
