empty
 
 
02.03.2021 06:54 PM
Ichimoku cloud analysis of Bitcoin

BTC/USD is trading around $47,839 turning a bit lower after an upward move from $43,117. In Ichimoku cloud terms price remains in a bearish trend but got rejected today at an important resistance. It is crucial for bulls to hold above $47,300, otherwise price will be vulnerable to a move lower.

This image is no longer relevant

Price got rejected today at the tenkan-sen (Red line indicator). This rejection if followed by a move below the kijun-sen (yellow line indicator) at $47,300 then we could see more sellers pushing price lower towards $43,000. Breaking below $43,000 will make price push lower towards cloud support at $37,000-$38,000. The longer price stays below the tenkan-sen the higher the chances of moving lower. Bulls need to recapture $50,325 in order to resume the up trend.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback