Bitcoin

Bitcoin bulls are getting back on the cloud but stormy days are still ahead


Bitcoin price is Struggling to stay up $40,000 which is now less than him. In the three-day time frame, the best cryptocurrencies are also back within the Ichimoku cloud, indicating that there is more support now built in below.

However, it is worth noting that if the indicator is read correctly, even with the ongoing recovery attempt, stormy days remain for cryptocurrency speculators hoping for a bounce back to the previous high.

Bitcoin price recovers from cloud, but a storm may be brewing

Bitcoin price action has been confusing lately, Closed in a narrow trading range. The leading cryptocurrency by market capitalization is no longer as low as $30K, or in danger of falling below the critical support level now.

Related reading | Why Bitcoin Could Return to Lows Before Gaining Momentum

$30K to $40K is a full 25% recovery, however, so far the once trending asset has lacked the same upside strength as the beginning of this year. negative feelings It kept prices at bay, and although there was a rebound recently, that could all change soon.

نظرة عارية على Ichimoku تظهر BTC مرة أخرى في السحابة |  مصدر: BTCUSD على TradingView.com

The top cryptocurrency bounced back into the cloud for three days on Ichimoku Indicator, a sign of the success of the support so far. Bitcoin price also recovered above Tenkan-Sen, which is also called the conversion line.

This is a fast moving line that indicates that when it is above the base line the market is bullish and when it is below it bearish. There is currently a bearish crossover Dropped 50% deep in May. Price action may have also brought it back to the cloud, but the cloud itself is also turning red after the Kumo turn.

What Ichimoku Really Says “A Quick Glimpse”

Evolution in Como Or the cloud is always significant and is an indication that the trend has changed. Ichimoku is also a versatile tool that takes into account not only price, but time itself.

Chikou span or lagging span . appears support and resistance And many trading sessions are plotted backwards. Running resistance and support across what the range suggests gives the key levels that bitcoin must hold or break for a bigger move.

ichimoku bitcoin cloud

The same chart, but with more detailed analysis included | Source: BTCUSD on TradingView.com

Using time analysis, Bitcoin spent a similar amount of time topping its bullish impulse before returning to the downside. Most corrections during a primary uptrend play as ABC corrections According to Elliott Wave Theory. A similar amount of time was spent at the bottom after it was spent during the summit process, and Bitcoin started its new uptrend – but COVID had other plans.

Related reading | What could the last phase of the cryptocurrency bull market look like

After another phase of consolidation, Bitcoin has regained its long-term uptrend support line, and it could retest it soon. Ichimoku currently supports the theory.

Back in late 2019, there was a bearish development much like it had just days ago. Support and resistance, and even time itself matches up well. There is also a cross between Tenkan-Sen and Kijun-Sen, which indicates price action It is currently tilting to the downside In the three-day time frame.

Featured image from iStockPhotos, Charts from TradingView.com



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button