anton.kostiuk
Long

TK bullish cross on daily (strong signal)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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We have quite strong bullish signal on BTCUSD chart which is TK cross: Tenkan Sen line cross base line called Kijun Sen.
Last time such inverse ( bearish ) signal was back 15th of Jan with massive price drop (marked with arrow on chart).
This doesn't mean we will have strong bull run yet because this cross we have below Kumo Cloud. But still this might signal for trend reversal already.
Trade active: looks like we got nice bounce at 7200. Which is 0.78 fib level if we make retracement between lowest level in this bear cycle around 6K and around 11.7K. Also as you can see at 11.7K pice we had bounce off resistance, which was represented by Kijun-Sen (base line) and Kumo cloud itself.
Also you can see Kijun-Sen base line acting as support during end of Dec and early Jan.
Hopefuly today candle closes green with nice hammer shape, which is reversal candle at such set-up.
Looking for this to be the bottom for BTC/ETH today.
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HI, why you use 20, 60, 120, 30 ichimoku parameters? please explain...
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@Nika_Eka, bigger values give more conservative indicators
+1 Reply
Nika_Eka anton.kostiuk
@anton.kostiuk, thanks
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@Nika_Eka, so you will have stronger confirmations
+1 Reply
Well, the right shoulder is formed nicely and only way seems to be down as no one would buy BTC just before G20 news on Monday. It is for BTC to hit the bottom sooner so that a nice bull run can start.
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