Bitcoin Futures (BTC1) – broad bullish bearing is still intact despite waning positive pressuresPosted on Monday, April 4 2022 at 8:31 pm GMT+0000
Following last week’s massive positive gap, Bitcoin Futures (BTC1) hit a snag in the vicinity of the Ichimoku cloud’s upper surface and closed the session marginally in the red, painting a Doji candle. Once again, BTC failed to capitalize on this Monday’s upside gap of 1.50% which led to almost $26 million in short positions out of the market and ticked barely below the crucial 45,900 resistance turned to support level.
The price is navigating within the Ichimoku cloud for the 10th consecutive week and the flat Ichimoku directional lines are not reflecting any dominant directional forces. Nonetheless, the oscillators are sending some encouraging signals, as they are leaning more to the upside. The MACD is rising above its trigger line, approaching the zero mark, while the ROC is pushing higher in the bullish region, suggesting that buyers won’t easily surrender the battle.
Thus, despite the current subdued start to the week, buyers still have the ability to gather adequate forces to propel the price higher for a fresh test of the cloud’s upper surface. By conquering that vital obstacle and more importantly the 161.8% Fibonacci extension level of February’s downfall at 53,000, they will target the 227.2% Fibonacci extension level at 60,600. In the event where bullish forces continue to overwhelm, the focus will shift towards the November ATH at 69,370.
Otherwise, if negative pressures intensify below 45,900, the Tenkan-sen line at 41,390 could come under attack. Some distance lower, the cloud’s lower surface would try to delay a fresh visit to the 34,340 – 33,000 crucial support belt, where any significant penetration will turn the spotlight towards the 29,200– 28,800 support base shaped by the lows posted between June and July 2021.
Overall, although the crypto king is currently lacking the necessary upward forces to pierce above the cloud, the broad bullish bearing is still intact, and only a dive beneath 28,800 will damage the long-term positive structure.