Bitcoin Apr 02, 2022: $46,000 Resistance Crossed, Real Game Begins

After several weeks of yo-yoing in a price zone of indecision, Bitcoin (BTC) I would be about to reach the top. And this, to the delight of cryptocurrency investors. But these should not light up. Because, as long as the technical conditions are not fully met, we are not immune from a grain of sand that could challenge the excellent price dynamics of BTC since mid-March.

Due to its strong correlation with risk aversion, the recent technical analysis of the king of crypto, showed us differences of opinion from week to week. This is why I highly recommend a dose of humility about a potential major trend reversal. Even on the sidelines of the $46,000 resistance crossing, which between the lines, is not necessarily a harbinger of a real start to a rally.

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Bitcoin – Potential Kumo Exit from the Top in Weekly Units

Although the current weekly candle leaves something to be desired, it does not compromise the previous two that tamed the Tenkan and resistance at $41,000, which in the recent past represents the shoulder-head-shoulder (ETE) neck line. This later caused an early exit from its indecision price zone between support at $34,000-35,000 and resistance at $46,000.

While the price of Bitcoin has just been confirmed crossing $46,000now open the road to the next resistance at $51,000-52,000, and also its exit from the Kumo (cloud) from above. At the same time, the Chikou Span, an important pillar of Ichimokuhe would serenely walk away from the cloud.

However, as I mentioned last week, the evolution of the weekly Kijun would be of a worrying nature during the next few weeks. It is enough to see that it has not moved one iota since the week of January 24. And when this technical situation manifests itself after a certain time, the Kijun could act as resistance. In our case, it is double one due to its proximity to resistance at $51,000-52,000.

Bitcoin: fear below $46,000, but more fear than harm

Thursday’s session temporarily caused discord among some investors. In fact, Bitcoin prices suddenly fell below $46,000 following Russia’s threat to cut off gas if Europe refused to pay in rubles. But with the latest information, the two sides appear to have reached a compromise. This explains the crypto king’s jump above this main level half an hour after Friday’s session on the Paris Stock Exchange.

Bitcoin Price Analysis in Daily Units - Apr 02, 2022

This false foray below the price indecision zone had the merit of testing two Ichimoku curves. First of all, Bitcoin was able to trust the Tenkan, and thus slow down its fall. Secondly, the Chikou Span bounced off resistance at $46,000 to likely validate a reversionthat is, a rebound from former resistance that now becomes support, before continuing its uptrend.

Unless the situation reverses over the weekend, these favorable technical signals in daily units would confirm the respective beautiful price dynamics of BTC and Chikou Span above Kumo. what to promote a continuation of the bounce towards resistance at $51,000-52,000.

In short, the confirmation of crossing the $46,000 resistance represents a positive sign. However, the safety margin to the upside above this main level does not allow us to feel comfortable. Hence my caution in case of a resurgence of current risks in financial markets.

On the other hand, once this obstacle has been definitively overcome, it would temper the hopes of a new confinement. For one thing, the next resistance at $51,000-52,000 is coming up very fast. And on the other hand, the important difference between the Kijun and the Tenkan to the detriment of the second in weekly units, would lead me to think that the rebound we are witnessing would be synonymous with last resistance. All the more so since the Kijun in this same time unit is practically at the same level as the resistance of $51,000-52,000 and the upper limit of the Kumo, the Senkou Span A (SSA).

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