Bitcoin (BTC): a technical retracement that "builds" the uptrend

The trend hawser of Bitcoin (BTC) alternates between phases of retracement and of overtaking of resistors. A retracement is in progress, let's study where the technical support.

Key technical factors of the article:

• Let's take stock of the annual performance of the Bitcoin (BTC) price and major altcoins; relative performance already very advantageous.
• Technical analysis of the course Bitcoin always highlights a well-constructed bullish movement between retracement phases and overcoming technical resistance.

The performances offered by the bitcoin price and the price of top-ranking altcoins (LTC, ETH and XRP) are already impressive on a relative level since January 1, 2020. Below is a graph with a dynamic comparison of relative performance (in%) since the start of 2020 between BTC / USD and LTC / USD , ETH / USD and XRP / USD.

Two lessons can be drawn from this:

• The most important altcoins in terms of market capitalization are at the top of the hierarchy and this year the XRP is not forgotten.
• The bitcoin price had one of its best months of January on a historical level

In terms of uptrend, it’s very healthy to see that altcoins are ahead with more than 100% for ETH / USD, 95% for LTC / USD and 68% for XRP (yes, yes, even XRP!); as for the 40% appreciation of the Bitcoin price, this represents the guarantor of the bull market as a whole.

The halving perspective still constitutes a bullish attraction, keep in mind that this event generates a rise before its realization.

In terms of technical analysis of BTC / USD (the thresholds are identical for the BTC / EUR, it suffices to adjust the support and resistance levels taking into account the price of the euro dollar in its dynamic version), the upward momentum remains well "constructed, with an alternation between retracements and overshoots of resistances.

This week, $ 10,200 have demonstrated their role of strong resistance (see my previous post) and the market has started a retracement in the short term.

After applying my technical methodology during Bitcoin and to the future BTC contract of CME, I think that the support at $ 9500 / $ 9700 constitutes the maximum retracement to be considered on the BTC / USD and $ 9,900 / $ 10,000 on the future BTC contract.

In a second step, the market should finally manage to cross the resistance at 10,200 $ to continue to tend towards its annual records for 2019. I offer an update from this technical point of view next Wednesday on Cryptonaute.

Bitcoin price in Japanese candles daily

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". Data come from Bitstamp and the graphics of TradingView.

This content is offered for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price movements.