Credit: Pixabay – Eivind Pedersen
Key technical factors of the article:
Following the stock market shock of Thursday March 12 and the sharp reduction in the open position on the future BTC contract, the bitcoin price had a low point at $ 3850 on Friday March 13.
The market stabilized in the process and then started to 80% bullish recovery, in a strongly increasing volume with an increased involvement of institutional traders.
But for three sessions, the market has been stable and the level of volatility has crashed. Is there an imminent risk of the rebound ending?
In this new technical analysis post on the course of the Bitcoin, I suggest two graphs to answer this question:
Very long-term technical support ($ 4,200 / $ 5,000) produced its upward effect, 80% of rebound is not nothing. However, a sword of graphic Damocles remains present, it is the fall session of Thursday March 12 whose peak is between $ 7,600 and $ 8,000. The idea is to gradually erase this session, but the market has been lacking in strength for 3 sessions, volatility has disappeared from radar screens.
So let's remain objective: no support has been broken for the moment, but the situation is tense. The support absolutely not to break is at $ 6500, it MUST be held otherwise a new drop leg will arrive. The short term uptrend is still active, its invalidation threshold is at $ 6500.
Now take a look at the graph which reveals the volume structure between 10K and 3.8K. The bulk of the exchanges took place between 7600/8000 on the one hand and 8500/8700 on the other hand. It is therefore still credible to tend towards $ 7,100 and $ 7,600, but this will require the return of a session with high volume.
Bullish and bearish traders look at each other like two faience dogs, the graphical frontier is at $ 6,500. Beware of the sudden return of volatility.
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". The data come from Bitstamp and the graphics of TradingView.
This content is provided 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 swings.
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