TradingView
cankarako
Aug 27, 2018 12:21 AM

BTC MID TEARM VIEW 2 Short

Bitcoin / United States DollarCoinbase

Description

Take a look at the daily cloud.

It has been giving strong sell signals since 13k.

Right now base line of the cloud is flat at 7.1k. This means strong ressistance.

What is worse is top of the cloud is also flat at 7.8. Flatter than it has ever been since 20k.
(Flatter the cloud stronger the resistance is)

Not only we haven't managed to break above the cloud once. We coulden't even spend decent time in it due to selling pressure.

What makes anyone think we can break above it now?

This idea will be invalidated if we manage to make a daily close above 8k. Only then I will become bullish.

Comment

Look how beautifully it worked
Comments
NQ95
thanks for the insight, whats the cloud called? :0
cankarako
@NQ95, Hey man. It is called itchimocu cloud. You should use settings:

conversion line periods: 20; baseline periods 60; lagging span 120; displacement, 30

It is a great dynamic support resistance indicator.
Also give you an idea about overall trend.

Look it up.. There are great lessons to learn how this indicator works. Make sure you type 'itchimocu cloud indicator for cypto' because cypto doesn't close down during weekends so you need to adjust the settings as I said in the beggining :)
cankarako
@cankarako, Best thing about it is that. It basically tells you the trend direction as soon as you open it. It tells you exactly where you should think of selling and buying. It is definitely my favorite
NQ95
@cankarako, man thanks so much! Ill check it out for sure :D
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