Credit: Christo Anestev – Pixabay
Key technical factors of the article:
The bitcoin price retraced to support at $ 6,500, after earning more than 90% between the sessions of March 13 and April 8. This movement was expected given the market pace observed for 1 month, a slow upward recovery within a charted channel with a slight slope. It was the halving of Bitcoin cash and SV that served as triggers, the market is now moving into a trading range.
Before detailing the latter, let me come back to participation in the BTC market. While the major central banks are injecting liquidity at an historic level, certain financial assets which had suffered from deleveraging collaterally have resumed their advance.
This is particularly the case for the price of an ounce of gold which is currently setting a new annual record by exceeding $ 1,700 and it is, to a lesser extent, the case of BTC from the point of view of institutional volume.
If the BTC remains covered during the fall session on March 12, the technical resistance at $ 7,600 / $ 8,000, the open position on the options and future contracts of the Chicago Stock Exchange gradually regains its levels at the end of February. This is in any case the teaching of the Commitment Of Traders report of the CFTC dated April 7 for the category of institutional traders.
However, this is most likely not not enough to overcome technical resistance. After the retracement between $ 7,500 and $ 6,500, the short-term technical framework was neutralized. The market describes a trading range between the support at $ 6500 and the resistance at $ 7200, it is the resolution of these two limits that will give the starting point for the next directional impulse.
The upside resolution market case commits the technical target of $ 7,600 / $ 8,000 and that of bearish resolution, the thresholds at $ 6000 and $ 5800.
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. You can consult the history of our technical points on cryptocurrencies in click here.
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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