News, finally positive, is flowing in the cryptocurrency market. This makes it possible to reduce the selling pressure or even to attempt a major technical recovery.
Bitcoin – Weekly Chart
In the medium term, a technical recovery would only be possible through a breakout of the weekly Tenkan. So what’s happening right now. However, the close of this candle must work at the same level to confirm the signal!
Note that a situation of this type would be an excellent argument for hoping to return to the top of the weekly cloud located at $33,000. This famous resistance remains the first target for medium-term buyers.
Finally, the positive point comes from the $25,000 zone, which has played a great role of support. And this despite the high volatility of the past week. Evidence that many traders were waiting to buy at a major technical level.
Bitcoin – Daily Chart
The daily vision becomes encouraging again.
Yesterday, prices made a sharp bullish turn, to try to mine the daily cloud today. It is very positive. However, the Lagging Span is still blocked by this cloud top, which sits at $28,800.the latter therefore does not yet confirm the bullish signal that prices are sending.
However, it should be noted that the buyers have been able to regain a lot of strength, because heavy resistance still blocked the way. A close above the daily cloud would be a strong scenario for a return to the old high from last April. And even targeting the $33,000 area as the next short-term target.
The divergence of the MACD histogram therefore worked perfectly. This made it possible to subsequently provide a high-quality bullish signal. The latter was a major asset for buyers. Bitcoin broke out of this complex technical zonewe now need to confirm the current rebound… To be continued.
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