29.11.202119:24 Forex Analysis & Reviews: BITCOIN - technical analysis of the current situation


Exchange Rates 29.11.2021 analysis

Bitcoin met support at the turn of 53,753.16 (lower border of the daily cloud + weekly Fibo Kijun) last week. As a result, there is a slowdown in the format of weeks (long lower shadow) and the formation of a retracement on the daily timeframe.

Thanks to the rise, Bitcoin has now returned to the zone of attraction and the influence of short-term trends - daily (56,596.23) and weekly (57890.10). A breakdown of the zone and a reliable consolidation above will allow us to speak of a return to the market of bullish sentiments.

In this case, 60,616.42 - 61,087.23 (daily levels) - 62,945.15 (the final level of the daily cross) - 65,000 (historical level) will become the next benchmarks for strengthening the positions of the bulls.

The completion of the rise and the implementation of the rebound when interacting with 56,596.23 - 57,890.10 will return bitcoin to the 53,753.16 milestone, overcoming which will open up new prospects for bears, the nearest ones can be noted at 49,055.85 and 44,672.51.

Exchange Rates 29.11.2021 analysis

On H1, bulls managed to gain a foothold above the key levels of 55,990.71 (weekly long-term trend) and 55,273.31 (central pivot point). Working above key levels will give preference to bulls. Their reference points within the day are the resistances of the classic pivot points.

At the moment, R1 (57,331.90) is being tested for strength, followed by R2 (58,403.81) and R3 (60,462.40). Consolidation below key levels (55,990.71 - 55,273.31) may return the bearish advantage and mood to the market. The main task for the bears will be to update the minimum (53,214.73) and overcome the supports of the higher timeframes in this area.


In the technical analysis of the situation, the following are used:

higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2022
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