Are we about to break through the cloud right now? You wish.
Over the past couple of weeks, we have been trading in a symmetrical triangle which is usually a trend continuation pattern (bearish currently). Which makes me think that a potential retest of the yearly low (support) is likey. Overall I believe that breaking through the Ichimoku Cloud, which sits around $100 above the symmetrical resistance line, would be extremely bullish, and would invalidate my current analysis.
This year has been tough for many traders, including the experienced ones. After a major bearish correction, there should be a defined double bottom at yearly support (which is what I'm currently waiting for), followed by a long accumulation phase. I am not sold on the idea that we could go up from here, we need to retest support and wait for capitulation to occur. Which is why my capital is (relatively) safely stored in usdt, and I am not looking to enter trades until clear resistance is broken and big moves are made. When bull season comes, you won't care about having found a perfect entry point, because your portfolio will do 100's of % easy anyway. Now, it is best to wait for a safe signal to enter.
This year has been tough for many traders, including the experienced ones. After a major bearish correction, there should be a defined double bottom at yearly support (which is what I'm currently waiting for), followed by a long accumulation phase. I am not sold on the idea that we could go up from here, we need to retest support and wait for capitulation to occur. Which is why my capital is (relatively) safely stored in usdt, and I am not looking to enter trades until clear resistance is broken and big moves are made. When bull season comes, you won't care about having found a perfect entry point, because your portfolio will do 100's of % easy anyway. Now, it is best to wait for a safe signal to enter.