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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Holds Bullish On Key Technical Indicator, But Trend May Be Turning

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin ichimoku cloud weekly kumo

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Bitcoin price closed its weekly candle last night at roughly $9,100 on the BTCUSD trading pair. The weekly close marks the fifth consecutive weekly close above the Ichimoku cloud.

During the last bull market, it was holding above this key level that sent Bitcoin skyrocketing. However, there are some signs that the trend may be turning down one more time before the uptrend begins.

Bitcoin Price (BTCUSD) Closes Fifth Consecutive Weekly Above the Cloud

Bitcoin price has been trading sideways now for nearly two full months. Repeated attempts to break through resistance above $10,000 have failed.

But just as many attempts to push Bitcoin to the downside have gotten bears nowhere. Each push down has wicked into the Ichimoku cloud on weekly timeframes.

Last night’s weekly close, has marked the fifth week in a row that the cryptocurrency has held above the key level. Wicks into the cloud, also called the kumo, signal that buyers have been ready and waiting to buy up each dip.

Related Reading | Crypto’s Most Important and Profitable Buy Signal Is Just About to Trigger 

Comparing the current price action holding above the cloud to the previous bull and bear market cycle shows similarities. If the asset can hold firm above the Ichimoku cloud on weekly timeframes, it could provide the base for a new uptrend to begin.

After Bitcoin held above the cloud on the weekly in late 2016, the cryptocurrency never looked back. Holding above it again here could result in a trip to the moon next.

bitcoin ichimoku cloud weekly kumo

Bitcoin Ichimoku BTCUSD Weekly | Source: TradingView

Ichimoku Indicator Signals Retest of Support Before Uptrend Confirmation And Bull Market Breakout

But before Bitcoin embarks on a new uptrend, a steep crash could be next. However, if the price action matches the last cycle, it’ll be the last chance to buy Bitcoin cheap before the bull market starts.

In the chart above, Bitcoin can be seen holding strong above the kumo on weekly timeframes. Just ahead of the Black Thursday collapse, the cloud couldn’t hold resulting in the crash.

This time around, the asset has held several weeks in a row. However, the indicator could be suggesting a drop soon.

Related Reading | This Trend Measuring Tool Says Crypto Drop Is Only Just Getting Started 

This most recent weekly candle has closed below the senkou span A, in blue. When the senkou span A crosses above the senkou span B, it signals an uptrend is in effect.

Price crossing below the senkou span A could hint that the uptrend is reversing, but the two lines would need to cross to confirm the trend change.

The cloud itself is also potentially pointing towards a crash. Ahead of the current price action, the cloud is twisting. A kumo twist also often indicates a trend change. A kumo twist is also a weak point in the cloud, that price can more easily pass through.

A fall through the kumo in the coming weeks cannot be ruled out. Bitcoin price breaking below the kumo, even temporarily, would likely send the asset to the senkou span B to test as support.

bitcoin ichimoku cloud weekly kumo

Bitcoin Ichimoku BTCUSD Weekly | Source: TradingView

Senkou span B is currently resting around $7,100. A retest of this zone as support confirming it as such could start the real bull market.

Zooming out further, ahead of Bitcoin’s 5000% rise after the cloud holding, it was breached quickly for a sharp decline and touch of the senkou span B. This held as support, and the biggest bull run in the asset’s history followed.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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