08.04.202220:01 Forex Analysis & Reviews: Bitcoin analysis using the Ichimoku cloud indicator.

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Bitcoin is trading below $43,000 right on top of the kijun-sen (yellow line indicator). Trend remains bullish as price is still above the Kumo (cloud), but price is vulnerable to a move towards the cloud support. This will be the case if the kijun-sen is broken downwards.

Bitcoin gave its first sign of weakness once price broke below the tenkan-sen (red line indicator). Support is at the kijun-sen at $42,850. A break below the kijun-sen will lead price towards $40,600-$40,000. Resistance is at $45,180 and next at $47,440. So far price is making higher highs and higher lows. Staying above the Daily Kumo (cloud) is important for bulls.

Alexandros Yfantis
Analytical expert of InstaForex
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