The BTCUSD price action on the daily chart is facing the resistance of the Kijun line (in the circle) in the Ichimoku setting at around 55900 and is currently retracing. A retracement to the bottom of the cloud at around 52400 is possible before resuming the upward trend in the short term.
A break of the bottom of the cloud instead, could usher the way to a new downward movement.
A break of the bottom of the cloud instead, could usher the way to a new downward movement.
Comment:
As expected, the price bounced nicely on the bottom of the Cloud and it is now on its way to reapproach the strong Kijun resistance at 56k.
