The price of Bitcoin seems to be solid during these last weeks, we have seen that precisely this week it reacted positively but without much momentum to the latest inflation data, and today it took in a good way the announcements from Blackrock for the launch of a private trust for institutional clients with direct exposure.
Also, it should be noted that currently the Bitcoin Fear and Greed Indexindicator that indicates the market sentiment for Bitcoin is in the position 41/100, a level that would qualify as Neutraland not seen since the end of last month.
Having said that, for purposes of technical analysis, the weekly chart that has taken a good form with respect to the previous weeks (it came to present 11 red candles almost continuously) due to the formation of candles that has been generated. The recovery of the support of the MA 200 weeks (fuchsia) is also remarkable, reaching even the price to rest on it with a green candle, and it will be well seen that it remains above it since it could be a good signal for the search. of the MA 20, which is currently in the $29,000 zone, but the possible upside to be sensible, could be by the $28,000 price zone.
While in the daily chart (1D) we have the price of Bitcoin, at the time of writing this note, at USD 24,180, a very positive impact price for the price action after having touched USD 25,000 hours ago (MA 100 zone). In this sense, observing that in the previous days higher lows were forming, it could be expected to see in a positive way that in the next setback that the price has in this period it will be to mark a new higher low, leaning on the MA 20 (orange) at the $22,900 level to form a price contraction and sideways trend over the next few days to break the 100 moving average (green) to reach $28,000. Instead, failure to do so would nullify any uptrend formation, and the price contraction would move to between the 20-50 day moving averages, at least until it retraces.
It is important to see where today’s session ends at 8 pm UTC, as the daily inverted hammer cam formation indicates strong selling pressure at the $25,000 resistance and could mark a point of indecision for this weekend. .
However, in the 4 hour graph, you can see more clearly the healthy retracement shown by the price of Bitcoin, and a very positive sign of the bullish formation, from the technical analysis, of moving averages ordered consecutively (MA 20, MA 50, MA 100, MA 200). If we respect and strongly maintain the level of the first three, as we can see that it has been doing, in the following periods we could be seeing the realization of the aforementioned scenario if nothing of greater impact from the fundamentals shakes the markets, and generates that Bitcoin price moves into the aforementioned price contraction between the 20-day MA and 50-day MA.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
It may interest you:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.