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01.07.202222:40 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Bitcoin for July 1, 2022.

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Bitcoin remains in a bearish trend according to the Ichimoku cloud indicator. Price is well below the Kumo (cloud) and remains vulnerable to more downside, as long as price is trading below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). The most important short-term resistance is at the lower cloud boundary at $29,650. As long as price is below this level, trend is bearish. Short-term resistance is found by the kijun-sen at $24,662. As long as price is below this level, short-term trend is bearish is Bitcoin is expected to continue making lower lows in the near term. The Chikou span (black line indicator) is also below the candlestick pattern confirming trend is bearish.

Alexandros Yfantis
Analytical expert of InstaForex
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