Between the desire of central banks to fight against galloping inflation and the stalemate of the Russian-Ukrainian conflict, Bitcoin (BTC) ignores these major uncertainties. With investors who want to believe that everything will be back to normal in a few weeks/months, although the latest news is not going their way. Because despite these multiple disappointments, the king of cryptos is once again attacking the resistance of $46,000.
A large-scale catalyst would be welcome to cross this key level. Especially since the technical analyzes of the BTC give us some encouraging signals. All this encourages us to see the glass half full, even if the specter of the Russian bear should not be dismissed.
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Bitcoin wins the $41,000 chess game
Bitcoin is on track to confirm its victory following its failure game around $41,000. And at the same time, the close of this week’s candle has allowed the crossing of the Tenkan and is approaching the famous resistance of $46,000. If no gloom occurs over the weekend, we could be very close to seeing the start of a trend reversal since its last ATH in November 2021.
However, several curves of the Ichimoku could throw the spoilsports. Despite the fine weekly surge, BTC prices indeed remain inside the Kumo (cloud) while the current position of the Chikou Span confirms a continuation of the neutralization of the bullish cycle since 2019 over the next few weeks.
In the event that the king of cryptos has the skin of the $46,000, the position of the weekly Kijun is doubly worrying. On the one hand, it is at the resistance level of $51,000-52,000. And on the other hand, the significant difference compared to the Tenkan would suggest that the rebound potential would not be as important as we believe.
A future thinning in daily units?
If nothing is decided in advance in weekly units, the daily technical analysis invites us to adopt a cautiously optimistic bias. It starts at the beginning of the week with confirmation of the rebound at the $41,000 levelwhich, as a reminder, correspond to the neck line from shoulder-head-shoulder (ETE). ensues a series of bullish candlesduring which Bitcoin gradually rises towards the resistance at $46,000.
By putting these two technical signals end to end, the lights are practically green at the level of the Ichimoku curves. At this moment, BTC prices are trading above Tenkan, Kijun and Kumo respectively. And not only, they are in a better position thanks to a better position of the Chikou Span compared to the Kumo, whereas it was far from being the case during the previous attempts.
In the event that Bitcoin continues its momentum, this would lead us to a planetary alignment scenario (at least in a short term perspective) with the key, the simultaneous crossing of its prices and the Chikou Span beyond the resistance of $46,000.
In summary, the resistance of $46,000 is on the minds of cryptocurrency investors. But the latter would do well not to rest on their laurels, if this level were to be crossed. Indeed, the chart situation in weekly units leaves me perplexed about Bitcoin’s ability to regain its momentum. It could be that the resistance of $51,000-52,000 constitutes a lower high point than the previous one around $69,000 in November 2021. Enough to fuel the rebound of the dead cat.
Be careful though, as equity indices are experiencing a bout of weakness after having rebounded well from their recent lows – which, by the way, is not to displease investors who favor gold in the event of a continuation of major uncertainties. .
Insofar as Bitcoin is strongly correlated to financial stress, any consolidation or relapse of equity indices could stem the exit from the status quo.
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