Clear Skies: Why Bitcoin Overhead Resistance Is Weak
Cryptocurrency / 20.11.2023

Clear Skies: Why Bitcoin Overhead Resistance Is Weak

Clear Skies: Why Bitcoin Overhead Resistance Is Weak Bitcoin price is only at $37,500 — a far cry from former all-time highs around $68,000. However, one visual technical analysis tool could show that overhead resistance is weak, and that the top cryptocurrency could rip right through what’s left. Could BTCUSD be back at all-time highs […]

Clear Skies: Why Bitcoin Overhead Resistance Is Weak (adsbygoogle = window.adsbygoogle || []).push({}); Bitcoin price is only at $37,500 — a far cry from former all-time highs around $68,000. However, one visual technical analysis tool could show that overhead resistance is weak, and that the top cryptocurrency could rip right through what’s left. Could BTCUSD be back at all-time highs faster than most are ready for? Bitcoin Price Breaks Above The Monthly Ichimoku Cloud Technical analysts rely on a variety of tools to help provide signals to visually inspect and either manually or automatically take positions based on the results. One such tool, created by a Japanese journalist Goichu Hosoda, is called the Ichimoku. Hosoda was nicknamed “Ichimoku Sanjin” which loosely translates to “what the man in the mountain sees.” The idea behind the Ichimoku is that it provides an “at a glance” view of all market conditions. (adsbygoogle = window.adsbygoogle || []).push({}); For example, the cloud plots where future support and resistance may lie. Meanwhile, the Tenkan-sen and Kijun-sen act as trend-following tools that cross bearish and bullish depending on price action. These spans can also act as support and resistance. With all that out of the way, all it takes is “one glance” at the chart below and we can see there is very little 1M BTCUSD resistance left. Clear Skies Above Major Resistance, But Minor Pullbacks A Plenty Also at just a glance, it is possible to see how each time Bitcoin price passed through these spans and the Ichimoku cloud, an extended bull market formed. It is important to note, however, that the Tenkan-sen (blue) and Kijun-sen (maroon) are still crossed bearish. But this also happened prior to each bull run. Additionally, the lagging span has been omit from this chart. Called the Chikou span in Japanese, the lagging span shows where former support and resistance used to be, which means Bitcoin does have some less significant resistance levels to contend with at around $43,000 and again around $60,000. Beyond $60,000, the Ichimoku shows nothing but air. Could this really mean clear skies for Bitcoin once the Ichimoku cloud is officially left behind? This chart appeared initially in Issue #27 of CoinChartist VIP. Click here to read the rest of the issue. Check More Latest Cryptocurrency News Click Here– Latest Cryptocurrency News Check More Business News Click Here– Latest Business News (adsbygoogle = window.adsbygoogle || []).push({}); Tags: ada coinmarketcap best crypto projects best cryptocurrency bitcoin bitcoin information bitcoin to ethereum BTC btc news today btcnews BTCUSD BTCUSDC btusdt clear coinbase release date coinnews net crypto crypto currency industry crypto time cryptocurrency going up cryptocurrency news blog cryptocurrency now cryptocurrency stocks to invest in cryptocurrency today news current crypto cyber currency prices cyber currency stocks daily coin earn interest on crypto reddit mint cryptocurrency new cryptocurrency today overhead resistance Skies top crypto to invest in top trending crypto trending crypto coins weak what is bitcoin at today why is bitcoin going down today wire это xbt xbtusd биткоин новости

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