Bitcoin

Predicting Bitcoin Bull and Bear Down Summit with Ichimoku


The closing of the Bitcoin June candle is ugly, and it clearly shows indecision in the market. Has the bull market structure been broken, or are new highs still likely this year? Nobody knows f Price action has reached a dead end.

However, the Ichimoku indicator can not only provide information about what happens if support stops or fails via crypto, it can also provide clues about when Bitcoin will rise and even its next discovery. Bear market bottom.

All about the Ichimoku Kinkō Hyō . Technical Analysis Indicator

The Ichimoku Kinko Hyo It is a popular technical analysis tool developed by Japanese journalist Goichi Hosoda in the late 1930s. Hosoda was nicknamed Ichimoku Sangen, which loosely translates to “what a man sees on the mountain.”

Ichimoku Kinko Hyo It also loosely translates to “balance chart at a glance” and is among the few tools available that provide insight and perspective on price And the time.

Price action is stuck between the Tenkan-sen and Kijun-sen  | Source: BTCUSD on TradingView.com

A and B Senkou Spans are plotted ahead in time to show where support and resistance may lie and the formation of a Kumo or cloud chart. Chikou Span is plotted backwards and also shows support and resistance.

Related reading | Parabolic Bitcoin Index Points to a Serious Breakdown Below $20K

Finally, Tenkan-sen and Kijun-sen can also play a role support and resistance, i.e. the price of bitcoin currently falling between it per month. The example above shows all these extensions in action, and how price action respected each level.

More importantly, depending on how the two bands intersect, it can indicate whether the market is bearish or bullish. Tenkan-sen suggests over Kijun-sen Bitcoin is bullishAnd the sideways movement of the two points of the market is in a state of consolidation. Bitcoin Ichimoku time

Bitcoin is still bullish according to the last crossover | Source: BTCUSD on TradingView.com

Can the Cloud Predict Bitcoin’s Ups and Downs?

Knowing how the Chikou Span is doing, it is clear to see that given the strength of the rally over the past several months, there is very little monthly support until $14,000 – the former resistance.

If the Kijun-sen bitcoin price currently supporting it loses from below, Chikou Span, Kumo or the cloud should hold About $10,000 as a target.

Another scenario that holds bitcoin well in Kijun-sen and pulls back to a bull market high. If this happens, Kumo may still play his part, but to help with time – not in place – Bear lower ends of the market.

Bitcoin ichimoku Bear Market Market bottom

Could the Ichimoku predict the next bear market bottom? | Source: BTCUSD on TradingView.com

Note that Kumo’s red-to-green twist in late 2018 marked the bottom of the latter Bear In the market, the same signal now plotted ahead can help predict when Bitcoin will fall in the next cycle.

As for where, given the last cycle الدورة Lower trading range It happened to be where one red doji was during the last bull market once a new all-time high was hit. If the cycle continues from here, around $30,000 could be the end Bear The market bottomed out in late 2022.

Related reading | Bitcoin Bull Shows Hammer Reversal, But Support Must Hold

Como’s last little green outcrop starting in late 2021 could be where the peak occurs. However, if a Bear The market starts instead, things can get very dangerous. As you know by now, Ichimoku provides all kinds of signals “at a glance” and the development of Kumo can also represent a weakness in support.

If Kijun-Sen loses and rips off all other support, the Kumo evolution could lead to crypto dips no one expected.

Featured image from iStockPhotos, Charts from TradingView.com



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