Bitcoin Technical Analysis – The risk-on sentiment boosts the cryptocurrency

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Fundamental
Overview

The mood in the markets has
been slowly improving this week after the month-end flows last week impacted
the risk sentiment. The US data this week came on the softer side which sent
Treasury yields lower and consolidated the market’s expectations of two rate
cuts by the end of the year.

The risk-on sentiment is
still present in the markets as the data overall has been showing good growth
without worrying inflationary pressures. If this were to continue, Bitcoin could
reach a new all-time high in the next few weeks.

Bitcoin
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that Bitcoin bounced on the 67275 support and extended the rally into the next
resistance around the 72000 level. The buyers continue to buy the dips looking
for a new all-time high as long as the risk sentiment supports the market. The
sellers, on the other hand, might lean on the 72000 resistance with a defined
risk above it to position for a drop back into the 67275 level.

Bitcoin Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that we had some nice confluence around the support with the trendline and the 38.2% Fibonacci retracement level. This technically strengthens
the support zone, so the sellers will need to break below that level to target
the 60000 support next. If we get a pullback from the 72000 resistance, we can
expect the buyers to lean on the trendline again to position for a breakout to
the upside.

Bitcoin Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see that we have some choppy price action at the moment around the 70640 level.
This recent breakout should see the buyers increasing the bullish bets into the
all-time high. The sellers will want to see the price falling below the 70000
level to position for a drop into the major trendline. The red lines define the
average daily range for today.

Upcoming
Catalysts

Today we get the US ADP and the US ISM Services PMI. Tomorrow, we will see
the latest US Jobless Claims figures, while on Friday we conclude the week with
the US NFP report.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Go to Forexlive

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