1. Current situation with price and formation:
The price has broken through the descending triangle formation and is now testing the upper boundary of the Ichimoku cloud, which is an important signal for a trend reversal. This indicates a possible continuation of growth if the price consolidates above the cloud.
The price is $56,570, which is slightly above the 20 and 50 EMA, but still below the 100-day EMA. This is the key point: as long as the price is below the 100 EMA, it still faces resistance.
2. Ichimoku Cloud:
The Ichimoku cloud is below the price, which confirms the uptrend. However, the price is currently testing the upper boundary of the cloud, which could lead to either a rebound down (if the cloud becomes resistance) or further growth if the price consolidates above.
The lower boundary of the cloud is an important support level in the $55,666.70 area. If the price drops below this level, it could be a signal to decline.
3. EMA (Exponential Moving Averages):
EMA 20 (56,309.55) and EMA 50 (56,488.35) are slightly below the current price and are currently acting as supports.
EMA 100 (57,513.51) and EMA 200 (58,841.43) act as the nearest resistance levels. A break of EMA 100 could open the way for a stronger move higher.
Support at EMA 20 and 50 is quite reliable, but in case the price goes lower, it is important to pay attention to the support levels below the cloud.
4. Support and resistance levels:
Main levels of support:
$55,666.70 is an important support, coinciding with the lower border of the Ichimoku cloud.
$53,952.45 and $52,550 are lower support levels that could be tested if the cloud breaks downwards.
Resistance: The most significant resistance is the EMA 100 level (57,513.51). A break of this level will confirm further price growth to the next resistance around the EMA 200 (58,841.43).
5. Liquidity map:
The liquidity map shows that significant liquidity is concentrated in the $56,000 range. This means that this level is important for both buyers and sellers. In case of growth above this level, we can expect active movement towards $57,000-58,000, where there may also be active liquidation of short positions.
Liquidity in the $57,000-$58,000 area is also significant. If the price rises above $57,000, it could trigger a strong upward momentum.
6. Exchange reserve:
The drop in exchange reserves indicates that bitcoins are being pulled from exchanges, which is usually a bullish signal as it reduces selling pressure. However, there is a parallel decline in price, which could be due to a general market correction or technical factors.
A decline in reserves usually indicates that large holders are pulling assets off exchanges for long-term storage, which can lead to a supply shortage in the market and, as a result, an increase in the price.
7. General conclusions:
The current trend is generally bullish as the price is above the Ichimoku cloud and the short-term EMA 20 and 50 act as supports.
To continue the upward movement, the price must break through the EMA 100 (57,513.51). This is a key resistance level, the break of which will confirm further growth.
If the price fails to consolidate above the cloud and breaks the support level of 55,666.70, then a pullback to lower levels is likely, including to $53,952.45 and $52,550.
Liquidity at the 56,000 level is significant, and if the price breaks above this level, we can expect a strong move towards $57,000-58,000.
Thus, the next few hours will be critical for Bitcoin. Depending on how the price behaves in relation to the Ichimoku cloud and EMA levels, we can expect either continued growth or a correction to supports.
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