Bitcoin Market Overview Based on Ichimoku

Let's look at BTCUSDT market and use Ichimoku indicator for making analysis. The price reached the resistance zone formed by the downtrend line and Senkou A line. We got a price reversal from this zone. The market moved lower and found support at Kijun line. Now the current levels can be used for developing further upward movement. As the higher timeframes look bullish, we should expect that the price will be able to break the resistance zone and move above the cloud. It will give us a trend reversal signal and new buy opportunities. But for better buy signals we should wait for a breakout above 8000.00 resistance level.

Alternative variant is: the price breaks the uptrend line and 7300.00 support level. After that we should be ready to see the falling to 7000.00 support level and if the price breaks it too, the further falling to 6500.00 level.

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Comment:

The price broke the downtrend line. It's good signal supporting further upward movement. DMI is bullish and ADX line rises. It tells us that bulls become stronger. Watch for price action in the zone between 7800.00-7300.00 levels.

Comment:

As I wrote in the previous update, the price broke the downtrend line and moved higher. Now the market reached SMA100 which is also another resistance line. If the price breaks it too, 8000.00 can be reached. Breaking above this resistance will confirm strong bullish market. Thank you very much for your likes! I'm very grateful!

Comment:

The price reached Senkou B line. Breaking above this line will give us confirmation for the trend reversal. From that moment we will have to search for entry level for buying.

Comment:

The price is at 7500.00 level which can play as a support. But the solid support zone is at 7300.00 level where the market can be stopped and reversed. We have to keep an eye on the price action in this zone. Breaking below 7300.00 will push the market to 7000.00 level.