Bitcoin Analysis – Still waiting for the starting signal

Dear readers, hello! Here Romain, for a technical review around the evolution of Bitcoin prices. What are the major technical supports? What targets are offered at the prices? Analysis of the situation of the king of cryptocurrencies.

Quick tour of the general macroeconomic situation

Last week was driven by US inflation numbers. Unveiled mid-week, they turned out to be down from the figures for the month of July. The market therefore welcomed this news as positive and rebounded vigorously through Friday.

However, at the beginning of the week, China came to cool the atmosphere, by lowering two of its main interest rates. Blame it on falling real estate and an economy that has been sluggish since the start of the year. Mainly because of the policy zero covid led by the government.

Finally, risky asset markets are now betting on an easing of monetary policy Central Banks, especially around the rise in interest rates. We will have to see what this bet will give, daring in these uncertain times.

Now is the time to take a look at the technical situation of the Bitcoin :

Bitcoin – Weekly Chart: Breakout Needs Confirmation

Bitcoin – Weekly Chart

Last week, prices were breaking the weekly Tenkanto give a first bullish signal for many months.

So this week plays the role of confirmation of this break. Prices, to stay on this momentum, must close above the $23,000. And will have to succeed in breaking the resistance of the $25,000 to give the final bullish signal. With the objective of $28,750 and the $33,000 (weekly Kijun dish) as goals.

the weekly ROI continues to rise, confirming the rise started by prices. However the bearish trendline term will have to be broken to get rid of any risk of reversal.

The indicator of rate of change also gives a positive pointwith a passage above the median located at 0, a sign that the buying sentiment seems to be in order in recent weeks.

Bitcoin – Daily chart: Mass is still not said

Although the weekly chart be bullish motivation signthe daily chart continues to make us wait, suggesting a situation of technical compression.

Bitcoin – Daily Chart

In fact, the prices after several attemptshave still not succeeded in breaking the zone of the $25,000. As a result, the “final” bullish signal is still not given and prices remain in this zone of uncertainty that is the daily cloud. In addition, a top exit gives as primary objective the $28,700 and as an extension $33,000 !

It is worth noting that the daily kijun perfectly plays the role of support in this rise. So she will be the main area to watch for the next retracements, if there are any… Moreover, this one is now located precisely on the medium-term support of the $23,000.

Finally, the daily ROI remains in its uptrend zone, although it has stabilized. He comes with the fall in volumes which show a certain wait-and-see attitude on the part of operators.

Thank you for reading this analysis. And tell you to Saturday for the analysis of DOWRY.

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