For Traders

Analytical Reviews

Crypto-currencies

20.04.202123:08 Forex Analysis & Reviews: Ichimoku cloud continues to support Bitcoin

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin touched the upper cloud boundary for the third straight day and did not break down. Price today reached $53,370 but is now once again above $56k. The Ichimoku cloud provides confirmed support and as long as we trade above it, we remain bullish.

Bitcoin is bouncing off the cloud support. This is a bullish sign. Resistance by the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) is at $57,720. Recapturing this level and staying above it is crucial for the short-term trend.The Chikou span (black line indicator) is still above the candlestick pattern, confirming that trend remains bullish. As we explained yesterday, a break inside the cloud would turn daily trend to neutral.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade