Bitcoin Analysis – Early Signs of a Rebound?

Dear readers, hello! Here Romain, for a technical assessment around the evolution of Bitcoin prices, which is giving positive signs at the start of the week. What are the major technical supports? Is a rebound possible this week? Analysis of the situation of the king of cryptocurrencies.

Last weekend was driven by a rebound across all markets, and through support purchases by investors. However, the inflation figures in the United States remain very negative and show that the efforts of the Federal Reserve are not bearing fruit for the moment.

But back to this week. And the announcements that will come from the European Central Bank. This will most certainly announce a rise in key rates, in order to offset inflation which, here too, continues to grow (8.6% for the month of June). Rumors speak of an increase of 0.5% instead of 0.25% initially planned.

Also, the week will be punctuated by announcements of quarterly figures and risk her being part of it.

Bitcoin – Weekly chart: The beginnings of a rebound?

Whereas the previous week offers a doji as a weekly candle, this week seems more interesting and attractive for the Bulls. First, the support at $19,500 held firm, despite attempts to break lower and the strong recovery on Thursday afternoon when the US inflation figures were announced. But, despite this wish, the weekend allowed the candle to close above $20,000and this allows you to breathe because this level remains safe and sound… For the moment.

Bitcoin – Weekly Chart

This week is therefore the week of the attempt. To try to break the $23,000, this weekly SSB flat which remains the first medium-term resistance. Subsequently, $25,000 remains the second major resistance, with the weekly Tenkan in particular now at this level. And who plays the role of spoilsport to block the prices. Ideally, a breakout of the Tenkan will open the door to $28,700, the former low from the previous June 2021.

Also, the weekly RSI indicates a possible exit from the top of its oversold zone. This scenario, which will be confirmed at the close of the weekly candle, is a strong signal. The first for a rebound, or at worst a medium term range. But this exit from the top calls for a rebound, with the objective of the targets given above.

Finally, medium-term support remains the Fibonacci retracement at $19,500followed by former wick lows, at $18,500 and $17,800.

Bitcoin – Daily chart: At the gates of the cloud

Prices since Monday seem determined to break short-term resistances. It all starts with a Marobozu, a candle famous in the world of technical analysis for its strong upside potential. This Monday, this candle appeared with strong volumes. And it has allowed the exit from the top of a range that has been going on since June 18.

Bitcoin – Daily Chart

Thereby, the $22,000 is now the zone to be broken to invalidate this attempt to rise. The daily chart also shows that prices are now at the gates of the daily cloud. The guarantee of $23,000 is required to access this level. This will mark a return to neutrality, with the Ichimoku indicator. And the latter also shows that the $25,000 area is a strong short-term resistance, represented by the daily SSB flat.

As for the RSI, this confirms the Bulls’ desire to send the price higher. With a strong comeback above 50%, and therefore a return to the bullish zone. The past week will therefore be important to watch for Bitcoin.. Investors will demonstrate firmness to push through these resistances and confirm that this rebound is well underway.

And the general market capitalization in all this?

Here too, the market capitalization confirms this desire to rebound from the entire crypto market. An attempt to exit the range is in progress. If this is successful, then a return above $1.25 trillion in capitalization will be the next target.

Market Cap – Daily Chart

Of course, this rebound will not be without difficulty. The recovery remains fragile and under strain. Central banks risk spoiling the party in the event of unexpected announcements not taken into account by the markets, for example. To be continued this week…

Thank you for your loyalty and see you Saturday for a technical analysis on cryptocurrency AVAX.

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