Bitcoin Halving: the technical market pace expected by May 15

The Bitcoin (BTC) price confirmed the upside technical breakout of $ 7,200. What market pace to expect this week?

Key technical factors of the article:

• The bitcoin price confirmed the upward technical breakout of $ 7,200, the target of $ 8,000 remains committed, in an increasing institutional volume.
• From a technical point of view, what market pace should be expected by the end of the week on the BTC ?

The bitcoin price surpassed resistance at $ 7,200 last week, a bullish technical signal confirmed on the basis of a daily close and a weekly close. I invite you to reread my two previous technical analyzes to understand the stages of the positive signal.

So this is the gradual upward recovery since Friday March 13 (low point at $ 3850) which is developing in stages, a well-constructed upward movement. My technical methodology consists in combining chartism with, among other things, the ichimoku system.

Regarding the system ichimoku, exceeding the resistance at $ 7,200 (SSB daily + Kijun-sen weekly) initiated a new bullish target, it's $ 8,500. However, Warning : the chartism, although it describes an upward trend in the short term, also reminds us that the fall session of Thursday March 12th still represented a brake on the advance of prices, a sword of Damocles whose upper part is $ 8,000.

The combination of these two technical factors can therefore lead to a simulation of the future market pace. I envision that the Bitcoin price will be able to erase the Japanese candle of March 12 (see graph above), that is to say join the resistance at $ 8,000, before entering a movement back (pull back) at around $ 7,200, the first new medium for momentum.

The $ 7,200 will then have to demonstrate their supporting role and allow a bullish impulse towards the major target, the $ 8,500, target price upstream of halving on may 15.

To conclude, one of the positive aspects of the rise is that it is accompanied by a continuous rise in the open position of institutional traders (via the futures and options BTC market). On the Chicago Mercantile Exchange, the net balance tends to become positive, the therefore contribute to the rebound.

Open position of professional traders on bitcoin futures and options

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.