Technical Analysis for the current situation of Bitcoin 02/17/21
The technical analysis of the current situation for Bitcoin.
The upward trend continues to develop. Bitcoin retreated back at the close of the day after yesterday’s interaction with an important psychological boundary of 50,000.00, but today, a new attempt is being made. A breakout and a secure hold above will open up new horizons. “Above the mountains, there can only be mountains that have not yet been visited …” The nearest support area in the upper halves is the historical level (48216.80) and the daily short-term trend (47527.81).
The advantages are currently on the side of the players for promotion. The resistances of the classic Pivot levels of 52046.81 (R2) and 53685.81 (R3) are now the benchmarks for continuing the rise within the day for the players to increase. The key levels of the lower halves combined today and formed the support line in the area of 48641.81 (central Pivot level) and 48095.75 (weekly long-term trend). The breakdown and consolidation below will change the current balance of power in the lower halves and may serve as the beginning of the formation of a full-fledged downward correction in the higher time intervals.
In the technical analysis of the situation, the following methods are used:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1- Pivot Points (classic) + Moving Average 120 (weekly long-term trend
The material has been provided by InstaForex Company – www.instaforex.com