Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
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If price breaches Cloud resistance a typical target is the opposite edge of the Cloud, or $11.500-$12.900. This is known as an Edge-to-Edge trade. A long entry for this trade has triggered with a daily candle close within Cloud resistance.
These trades also have a higher probability of success if they are accompanied by a bullish-tk cross, which is not currently the case. The stop loss for these trades are typically either the Kijun or Cloud support, depending on Cloud structure at the time of entry.
A bullish-tk recross is close to forming, indicating a long re-entry after consolidation
To conclude, - Technicals show strong bullish consolidation, with a high probability target of $11.500. - Price is likely to reach that level or thereabouts, then consolidate and move higher.
I'm still holding my long from $6.000 and will do for some time as I trade on longer timeframes.
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Ichimoku settings I use for cryptocurrency: - (20, 60, 120, 30)
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Forgot to update this thread: - we have the bullish-tk cross and the dips are being strongly bought up