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BITCOIN
Bitcoin broke through the daily cloud (51460.75) and tested the final limit of the weekly dead cross (51163.17). Sadly, it was not possible to consolidate the results and build further plans. Bulls were literally pushed back from the positions they had reached, and now they are fighting for the length of the lower shadow of the weekly candlestick. Also, the pronounced bearish character can hardly be changed. As such, support and resistance levels are now around 49620 - 49960 (weekly Kijun + monthly Tenkan + daily Fibo Kijun).
Meanwhile, the levels above have turned from tested supports to resistances in just one day. These are: 48000 (daily Kijun) and 49150 (daily Fibo Kijun). If bearish traders continue their positions, they will quickly meet a very fortified and important support zone around 42758 - 39810 (daily cloud + weekly and monthly levels).
A deadlock after a successful fall provoked a horizontal movement, the center of which is the Pivot level (46303). Sliding below creates preconditions for further bearish sentiment.
Today, intraday supports are 45291 - 44413 - 43401 (classic Pivot levels), so investors can take profit above 46303. Doing so will recover bullish positions, which, in turn, will make 48607 the next key level.
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Below explains the terms used in the technical analysis above:
higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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