"The goat". is getting more and more usefulness in an anti-pattern crypto environment. Crypto is famous for disrespecting traditional analysis and patterns but just simply doesn't care. (and guys, yes I will be using the default settings on because experience says so!)
Now for those who do not know how indicator works, then I advise you check this article. (ichimoku-cloud-explained-thoroughly-debunking-ichimoku-myths) google it and open the steemit link.
I agree with the author's view on why we should keep the default settings when using the .
If you look at the 4-hour horizon, you'll notice that we are still in a cross because the conversion line (Tenkan-sen) is still below the base line (Kijun-sen). Quoted: "As a general rule of thumb, no matter what the settings are on your chart if the base line is above the conversion line (Kijun-sen above Tenkan-Sen", then we are in a cross."
Another indicator that supports our call to "short" bitcoin right now is the price on the 1 day horizon getting too close to the 200-day moving average (200 MA) for the first time since September 02, 2018 BUT with so little . I expect another massive rejection at this point with no major news yet and no to support a bull rally. The 200 is a massive resistance and it would be a massive support line if we break above it. BUT JUST NOT YET.
These two indicators are enough to support our claim that the price will be dropping once again.
Logically, a reasonable price target would be in the range of 3774$ and consolidation right after that drop .
If you follow my chart, you can see that the price will drop to that magenta line and then walk sideways for a while.
Price test the 200 MA with a usual needle then falls down to the 3770-3800 range.
I'll be updating as soon as we see a move.
Thank you for your time guys! Hope to see you in the next one.
Will keep updating this idea regularly!
Later guys n gals!