Bitcoin (BTC): update on the structure of the immediate trend and on the volume

Credit: Eivind Pedersen – Pixabay

The Bitcoin (BTC) price ended its latest retracement with a rebound on the uptrend technical trend line of 2020; but still faces the resistance at $ 10,200 / $ 10,350.

Key technical factors of the article:

• The bitcoin price rebounded from the upward chartist trend line of 2020 in Tuesday’s trading and again faces strong technical resistance at $ 10,200 / $ 10,350. (The principle of alternating pulse / retracement is also confirmed)
• On the side of participation indicators, the capital to buy institutional traders remains insufficient. This market data must change to overcome major resistance.

In my two previous technical notes on the bitcoin price sure Cryptonaute, I returned to the structure of the upward trend in place since last December, as well as the pivotal role of the major resistance at $ 10,200 / $ 10,350.

The structure of the rise is anchored around upward impulses and retracements, the latest of which ended yesterday near the support at $ 9,500 and especially in contact with the upward chartist trend line which joins the most market lows extreme since the start of 2020.

My analysis of Friday, February 14, recalled that this trend graph support was also present on the Bitcoin future contract of the Chicago Mercantile Exchange (CME), the two markets are currently in perfect technical convergence.

The underlying dynamic is bullish, there is no debate. As for the positive movement in the short term (the present and the very next sessions), it is conditioned by the preservation of $ 9,800 / $ 10,000, which is the case the minute these lines are written.

The BTC is therefore trying a new crossing of the major technical resistance of $ 10,200 / $ 10,350, a high-impact graphic obstacle because identified on long-term graphics. In order to get rid of it for good, you need a significant inflow of buying capital and it is the professional traders who hold it.

According to the information made public on this subject by the CME, the majority of this capital remains sellers but the most recent data dates from Tuesday, February 11.

The bitcoin price will not cross major resistance to tend towards 14K if and only if the blue histogram below increases and a daily closing is established above $ 10,350 ; it is the double condition attached to the continuation of the rise.

On the other hand, in the event of a $ 9,500 breach, a major correction will be implemented.

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 movements.