CryptoBullet
Long

BTC can fall by another 30% and still be bullish long-term

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This weekly cloud is absolutely fascinating! It tells that a couple of weeks ago the trend turned long-term bullish & also it can tell that enormous pull back could happen and the long-term trend would stay bullish .

Notice how this last pullback almost perfectly found support at the cloud. That is very interesting.

It's just so amazing how it works. Last week we could fall back into the cloud just by closing below 10k. That would have invalidated that buy signal according to Ichimoku Cloud (when we closed above the cloud a couple of weeks ago). But we stayed above it!

This week to fall into the cloud we have to close below 9.7k. The cloud keeps pulling back, so according to the cloud we can come all the way back down to 6k in November and BTC will stay bullish . So the cloud allows a prolonged pullback to the first flat area (7.4k) & the second one (6.5k). These would be very good areas of support to watch out.

The cloud has more room to pull back as time goes on and then it will start progressing back up as it has this bullish Kumo Twist. The cloud support needs to hold to maintain that buy signal.

This is a very interesting setup we are seeing right here & something to keep very close attention to.



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The information given is never financial advice. Always do your own research.
I think your cloud needs to be adjusted for a 24h market.
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Loons Loons
I have mine set at 20, 60, 120, 30.
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Well done!
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good idea.
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@HuPan, Thanks
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