May was dominated by the bears, who took a break in the last week of the month. As a result, bitcoin continues to remain in the zone of attraction formed by the accumulation of levels in the region of 37,297 – 35,594 – 34,354 (monthly Tenkan + monthly Kijun + the final line of the weekly cross). The breakdown of the zone and the continuation of the decline will eliminate the weekly golden cross and open the way to the final border of the monthly golden cross of the Ichimoku cloud (27177). If the bulls manage to limit the current downward correction of the higher time frames by the supports achieved, then they will have to restore their positions through the following important resistances – 41,432 (monthly Fibo Kijun + weekly Kijun + daily Fibo Kijun) – 44,615 (daily medium-term trend) – 47,235 (weekly levels + daily Fibo Kijun).
Bulls performed an upward correction on H1 and are currently fighting for the most important levels of 36,000 – 36,215. Work and positioning above the levels, as well as an upward reversal, will give preference to strengthening the mood of the bulls. The resistance of the classic Pivot levels serves as upward benchmarks within the day, these are 37,934 – 39,282 – 41,217. The loss of support for key levels (36,000 – 36,215) and a reliable consolidation below will change the current balance of power in the lower halves in favor of the bears. At the same time, the main task for the bears will be to overcome the supports of the higher halves (35,594 and 34,354).
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In the technical analysis of the situation, the following are used:
BITCOIN
May was dominated by the bears, who took a break in the last week of the month. As a result, bitcoin continues to remain in the zone of attraction formed by the accumulation of levels in the region of 37,297 – 35,594 – 34,354 (monthly Tenkan + monthly Kijun + the final line of the weekly cross). The breakdown of the zone and the continuation of the decline will eliminate the weekly golden cross and open the way to the final border of the monthly golden cross of the Ichimoku cloud (27177). If the bulls manage to limit the current downward correction of the higher time frames by the supports achieved, then they will have to restore their positions through the following important resistances – 41,432 (monthly Fibo Kijun + weekly Kijun + daily Fibo Kijun) – 44,615 (daily medium-term trend) – 47,235 (weekly levels + daily Fibo Kijun).
Bulls performed an upward correction on H1 and are currently fighting for the most important levels of 36,000 – 36,215. Work and positioning above the levels, as well as an upward reversal, will give preference to strengthening the mood of the bulls. The resistance of the classic Pivot levels serves as upward benchmarks within the day, these are 37,934 – 39,282 – 41,217. The loss of support for key levels (36,000 – 36,215) and a reliable consolidation below will change the current balance of power in the lower halves in favor of the bears. At the same time, the main task for the bears will be to overcome the supports of the higher halves (35,594 and 34,354).
***
In the technical analysis of the situation, the following 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
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