According to Daily Timeframe, BTC hit a supply zone which must be break above bullish in order to confirm the 24k target. Otherwise we can expect a retracement. At 21200 we have a fresh demand zone buying pressure is expected at least to push price higher.
Ichimoku Cloud Signals:
1D Strong Kumo breakout, however the cloud is not very thick which indicates the trend is not that long term. Chiko + Tenkan sen and senko span A are pointing upwards which is great! Kijun sen and Senko span B are getting flat though, this means a retracement is imminent plus we approaching a Supply zone.
4H A retracement to Kijun sen already happened. All lines are almost pointing upwards strongly there's a bit of a curve which means it could range a bit before the next move. Kumo is way thicker which means the bull trend is getting more stable and stronger!
1H Senko Span B + Kijun sen got flat which means a retracement is expected to Kijun sen the yellow horizontal line marks the level the retracement could go down then we expect price to react to this and with intraday trend change confirmation + candlestick pattern we can go long with a 22.6k target if retracement happens. As this is a strong breakout on the Daily TF it could totally continue to breakthrough without pullback.
5M bar chart we can clearly see a range already forming on this resistance level. We need to see a breakout of the cloud with a strong signal coming along with lagging span to confirm that the retracement is happening. Please wait for this to end and trade in favor of the main trend from higher timeframes.
Please manage your expectations and risk 2% of your capital per trade.
Happy Trading ♥
Ichimoku Cloud Signals:
1D Strong Kumo breakout, however the cloud is not very thick which indicates the trend is not that long term. Chiko + Tenkan sen and senko span A are pointing upwards which is great! Kijun sen and Senko span B are getting flat though, this means a retracement is imminent plus we approaching a Supply zone.
4H A retracement to Kijun sen already happened. All lines are almost pointing upwards strongly there's a bit of a curve which means it could range a bit before the next move. Kumo is way thicker which means the bull trend is getting more stable and stronger!
1H Senko Span B + Kijun sen got flat which means a retracement is expected to Kijun sen the yellow horizontal line marks the level the retracement could go down then we expect price to react to this and with intraday trend change confirmation + candlestick pattern we can go long with a 22.6k target if retracement happens. As this is a strong breakout on the Daily TF it could totally continue to breakthrough without pullback.
5M bar chart we can clearly see a range already forming on this resistance level. We need to see a breakout of the cloud with a strong signal coming along with lagging span to confirm that the retracement is happening. Please wait for this to end and trade in favor of the main trend from higher timeframes.
Please manage your expectations and risk 2% of your capital per trade.
Happy Trading ♥
Trade closed: target reached:
excellent prediction!