18.07.202214:53 Forex Analysis & Reviews: Bitcoin Ichimoku cloud analysis.

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Bitcoin is trading above $22,000. Bitcoin is trading above the high levels of the recent few weeks. However using the Ichimoku cloud indicator we see that price is testing key cloud resistance. Price is above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is a good sign, supportive of short-term trend. This support is at $20,700. A break below this level would be a bearish sign. Bitcoin is currently challenging the lower cloud boundary in the Daily chart. On a daily basis trend remains bearish as long as price is below the Kumo. A rejection at the cloud resistance would be a bearish sign and could bring price back towards the short-term support of $20,700.

Alexandros Yfantis
Analytical expert of InstaForex
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