Bitcoin: the 4 technical thresholds of the moment on the price of BTC

Credit: Christo Anestev – Pixabay

The Bitcoin (BTC) price has preserved the $ 8,500 support during the weekly / monthly closing of the last weekend. 10,000 / $ 10,300 stay here extreme resistance.

Key technical factors of the article:

• The bitcoin price has preserved the support of $ 8,500 last week, it is an element of technical support, while the $ 10K / 10.3K still act like a blanket of lead for the BTC.
• Is $ 8,500 the low point? Be careful… let's review the strengths and weaknesses of the short-term trend.

The Bitcoin and the Bitcoin future contract offer since last weekend a new closure in weekly data and especially in monthly data. These graphs have a medium / long term time horizon and reveal the technical thresholds that have the most influence on prices.

In order to summarize these key levels detailed in the technical posts published on Cryptonaute, here are the four important thresholds :

• Extreme technical resistance to 10,000 / $ 10,300
• 9500 $, resistance, stall threshold of the session of February 25
• Medium term support at 8500 $ (preserved in extremis last weekend)
• 7680 $, an unmatched bullish gap on the Chicago Mercantile Exchange (CME) future BTC contract and the neckline of the chartist configuration of bullish reversal last December (this is the downside risk)

Bitcoin price (BTC) – TradingView

In all technical objectivity, the market is looking for a trend between these three thresholds. The 10K resistance always acts as a reinforced concrete screed on the bitcoin price, it is the threshold, and the only one, that can unlock the upside potential when it is crossed. But it can take time.

My approach is therefore currently to focus on technical support levels, only precise market timing allows the trader to be profitable in his BTC trading.

Support at $ 8,500 was mentioned several times in these columns and it produced a rebound yesterdayis confirmation of its importance. But the rebound remains weak, there is no indication that the low point was found for good on $ 8,500.

There is also a thorn in the side of BTC technically, it’s about January 6 bullish gap not filled in on future CME contract. This quote hole drops to $ 7,680, which also corresponds to the activation line for the bullish reversal pattern from last December. There is a risk of low wick around $ 7680, this is the most important bearish case in my opinion.

Between $ 8,500 and $ 9,500, total neutrality ; exceeding the $ 9,500 would send the market towards 10K / 10.3K, the long-term technical pivot, the only one capable of opening the way to 14K.

CME Bitcoin Future Contract – TradingView

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 movements.