Bitcoin, Ichimoku-Cloud-Analysis, These Are Important Factors!

Hi my friends,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspective, and as I discovered the Ichimoku-cloud which is implemented in the analysis is showing some highly interesting signs the last time worthwhile to determine the further direction firstly on the more short-term-perspective and then also on the more middle-term-perspective, what is also a key factor here is that the Ichimoku-Cloud matching with other technicals like the support-resistance-zones Bitcoin has to build. As we have seen Bitcoin showing up with strong exaggerated bullish volatility to the upside it moved into an overbought condition in which pullbacks are not seldom seen after such moves to the upside, therefore we are looking at the proper levels and how the Ichimoku-Cloud is currently crucial for the decision of Bitcoins next destinies.

Structural Developments:
As when looking at my chart and the recent price-action we can watch there that Bitcoin when showing up with these strong bearish pullbacks moved below the conversion-line marked in my chart in blue and is staying there, this line is important because it was previously supported, is now resistance and is marking a major resistance or support line within the Ichimoku-cloud in which the resistance holds true in this case, besides that Bitcoin has also horizontal-resistance there. Further lower in the structure, there is the base-line marked in my chart in red with the coherent support within, this line marks the next significant support-zone determined by the Ichimoku-cloud it is a highly important zone to hold and bounce from when considering a bullish continuation. Moving on lower in the structure there is the last bullish reference-point which is the previous all-time-high support marked in blue where Bitcoin definitely needs to bounce because when moving below it this will protract Bitcoin into the bearish ground.

Upcoming Perspectives:
Taking the major factors into consideration here especially with the stochastic that is also showing bearish signs we can expect a bearish pullback to move on in the immediate short-term here minimum to the base-line-support by the Ichimoku-cloud, this will be an important test because when this level does not hold together with the ascending-support lying there Bitcoin will protract the bearishness till the previous all-time-high-support. According to the Ichimoku-cloud, a successful reversal and bullish continuation show up when the conversion-line crosses above the base-line as we have seen this in the past already for example in Bitcoins last strong upside volatilities, this can also be seen in my chart. For now, we will see how strong Bitcoin moves on with the bearishness and especially how it reacts in the crucial supports lying lower before that we should be prepared for more bearish volatility to the downside as the indicators showing these and as past has shown such volatility can happen fastly within the cryptocurrency market after that it will be seen if Bitcoin manages to stabilize or a bearishness follows under given circumstances.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.