LeMogwai

Ichimoku - Bitcoin in a critical area

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
641 7 11
Right now we are facing a huge resistance to break above 600.

In case of a bullish outcome :
1) First level of resistance is 602, closing the daily above it would be a good signal.
2) The next step of resistance is the area between 612 and 622
3) We have top resistance around 650
4) Then for a really bullish trend , breaking 690 would be really important

In case of a bearish outcome :
1) A retest of the 575-580 is obvious
2) The 547-560 is a really big support zone , it can spend a lot of time at this zone if we don't have volume or it can go straight through it if volume show up.
3) 530 would be a nice bounce area
4) 507 can be also a nice bounce area
5) if 500 breaks it will cause a lot of panic, the next support potential is expected around 460
just so you know the western, newer, *correct* ichimoku is 10 30 60 30
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do you know who used these params first ?
+1 Reply
you need macd
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this should make the other chart easier to view...
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agree with pretty much all points, we've tried so many times to reach 700, the bulls used all their buying power.
+3 Reply
what about your other chart?

their conclusions are about the same no?
Reply
LeMogwai PaulAnthony
Yup, same conclusion but with the traditionnal settings there.
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