Bitcoin (BTC): what is the "right" support for the next bullish impulse?

Credit: Bitcoin – Pixabay

The Classes of Bitcoin (BTC) sees its short-term trend neutralize under major resistance at $ 10,350. Two technical supports are significant, $ 9,500 and $ 8,500.

Key technical factors of the article:

• The bitcoin price remains in a waiting position under major resistance at $ 10,350. What is the right support that will give the starting point for the next bullish impulse?
• Technical analysis of XRP/ USD highlights the support of $ 0.26 as being at the top of the uptrend since the start of the year.

The short term trend bitcoin price has been neutralized for a week, the market oscillating between the major technical resistance at $ 10,200 / $ 10,350 and support at $ 9,500.

The nature of this major resistance is detailed in the previous analyzes on Cryptonaute, as for the $ 9,500, this support represents the lower part of last trading range last summer.

My belief remains that BTC / USD will eventually break through major resistance, but it still lacks volume and the resistance will not necessarily be crossed this February 2020. In any case, the signal for a bullish technical breakout has not yet been given.

Bitcoin price in Japanese daily candles – TradingView

Before considering the overflow of resistance (probably in March), the technical challenge of the moment is to determine what is the good support to give the starting point for a bullish momentum.

Two levels of technical support are under consideration: $ 9,500 versus $ 8,500.
The $ 9,500 level is an important support for prices, the stall pivot of last September, the pull back of last October and the upward acceleration threshold of the February 5 session.

It should be noted that it is currently receiving reinforcement from the Kijun-sen in daily data, a strong trend component of the "ichimoku" market analysis system.

But the support of the $ 9,500 is noted on the daily chart, as for the $ 8,500, they are a level of a higher time horizon (the weekly time frame) and above all, the 8.5K $ are the market price with the highest trading volume since the low point from last December (see the horizontal histogram above).

$ 9,500, strong support, $ 8,500, “extreme” support, this is the dimension of each of these Chartist supports for the trend. Only a daily closing will allow to decide between the two prices.

XRP / USD weekly data – TradingView

In the meantime, I will conclude this technical post with a weekly graph of the XRP / USD (see above). The $ 0.26 are a major level of support, it is imperative to preserve it.

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.