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02.03.202118:54 Forex Analysis & Reviews: 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.

Exchange Rates 02.03.2021 analysis

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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