Bitcoin. Market conditions and goals for the future

The past week has not made any changes to the situation. The market remains in an upward movement along the main trend, continuing the downward correction of the long-term trend in the form of a medium-term downward trend, the goals of which are located in the support cluster zone (41900-45356).

The medium-term trend, as we noted in the previous publication, so far remains downward.

But the goals of the medium-term downward movement have already been worked out, and an upward correction continues along the short-term trend and the trend of the weekly cycle.

The key channel of the corrective movement at the time of publication of the charts is the weekly trend channel 45356-52351.

A breakthrough of the upper limit of the key channel will confirm the return to market growth within the trends of the higher levels of the hierarchy.

A break of the lower boundary of the channel does not solve anything as long as the market remains above the support at the level of 41900. It’s just that the beginning of the market recovery will be delayed a little, and, in addition, there will be an opportunity to add new positions to the volume of purchases at more favorable prices.

Analysis of the fine structure of the market dynamics shows that over the past week, quotes have been trading in a range in the form of cyclical fluctuations along the trend of the weekly cycle — a turquoise histogram.

At the time of publication of the charts, the market is on the verge of turning up the trend of the weekly cycle, continuing the upward corrective movement.

According to the trend of the daily cycle, the red histogram is a corrective pullback after testing the growth target at the level of 47674.

Most likely, the growth of quotations will continue in the direction of the upper limit of the key channel 45356-52351, but the question remains — from the current levels or after the rollback.

Meanwhile, the range robot continues to buy, fixing profits on short intermediate growth targets and waiting for the recovery of a large-scale upward movement.

About growth goals

The immediate growth target after the breakout of the upper limit of the key channel 45356-52351 is short—term resistance at the level of 57203, the breakthrough of which will complete the cycle of medium-term correction. The next target is the zone of the cluster of resistance levels (64810-68058-69830) in the zone of annual highs.

The market is likely to stay in the cluster zone for a short time, but then it will continue to grow into the target group zone on clusters (81400-83831) and (93102-94782).

A breakthrough of both clusters is immediately unlikely, but if it happens, then there is another calculated target at the level of 100905. More data for calculating new growth targets is not yet available.

Resistance levels: 47674, 52351, 57203, 64810, 68058, 69830, 81400, 83831, 93102, 94782, 100905.

Support levels: 45356, 41900, 38503, 35753, 28702, 19270.

The analysis is based on the indicators of the SWT method. All published materials and graphics reflect the personal opinion of the author and cannot be a call, direct or indirect, to make transactions on the market.