VincePrince

BITCOIN, ICHIMOKU-CLOUDs Increased BULL-SIGNs Developing!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello,

Welcome to this analysis about Bitcoin and the weekly timeframe perspectives. In recent times Bitcoin managed to hold its structure above the 47.000 USD level which is firstly a good sign and development indicating that Bitcoin bears did not manage to break down this area. Besides this now I discovered further important determinations Bitcoin is forming here that will be decisive in the upcoming times especially when considering the important Ichimoku-Clou-Developments, the Ichimoku-Cloud is an important indicator to measure the bullish or bearishness in the market, and in this case, I discovered high bullish signs with this indicator in Bitcoin , therefore I detected all the important levels and upcoming determinations.

As when looking at my chart now we can watch there several central developments with Bitcoin and the Ichimoku-Cloud at central. Firstly we can see that Bitcoin is still holding above the green Ichimoku-Cloud and bounced in this cloud several times in recent times, this makes this whole development a bullish one as technically the bullish trend is still given. Besides that Bitcoin in the last days bounced above both the base-line in red and the conversion-line in blue, the base-line, in this case, is a momentum-trendline above which Bitcoin is now signaling bullish momentum, furthermore, there is a potential bullish crossover incoming with the conversion-line crossing above the base-line which will be a massive bullish sign.

Taking all these factors into consideration Bitcoin turned in all significant elements of the Ichimoku-Cloud bullish with also the recent price-action above the lagging span, all these factors are bullish indications, therefore, there is a high possibility given for Bitcoin to form a considerable bullish breakout in the upcoming times which will confirm when Bitcoin finally bounces above the descending-trend-line. Also the built-up above the 20-EMA is important here as this crossover above this EMA in the past was always the origin of increased bull-markets to the upside. In this manner, Bitcoin has a great ground here to build up, and considering these indications it is only a matter of time till a final breakout emerges.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
"The high destiny of the market is to explicate, rather than to speculate."

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

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