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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Stuck In The Clouds, But Brighter Days Could Be Ahead

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

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Bitcoin price is stuck at around $46,000 unable to push higher despite some strong momentum and buying at its back. The reason for the resistance, is because the leading cryptocurrency by market cap has its head caught in the clouds.

Once these clouds part, however, it could lead to a lot sunnier days across the cryptocurrency market once again.

Bitcoin Price Stuck In The Clouds, Puts Rally On Ice

Bitcoin price has whipsawed back and forth by more than 50% during 2021. The most recent recovery from lows has momentum behind it, but has taken a pause at the current level.

The area where the top cryptocurrency is stuck, is in a confluence of cloud resistance across several high timeframes, according to the Ichimoku indicator. Ichimoku Kinko Hyo loosely translates to “one glance equilibrium chart” or “instant look at the balance chart” in Japanese.

Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe

It was created by Japanese journalist Goichi Hosoda and has a variety of functions and uses. It can signal when to buy or sell an asset, when an asset is bearish or bullish, or in this case, where support and resistance might be.bitcoin ichimoku cloud

BTCUSD is stuck in the clouds on many timeframes | Source: BTCUSD on TradingView.com

The Chikou-span or the lagging span, is plotted backward and only one way support or resistance can be found. Other spans, such as the Tenkan-sen and Kijun-sen, also act as such. Finally, the kumo or cloud can also act as resistance as we’re seeing across several high Bitcoin timeframes.

Ichimoku Signals Stack Bullish For Top Cryptocurrency By Market Cap

On the 2-day through the 5-day, Bitcoin price is touching the top of the Ichimoku cloud. A decisive close outside it, along with a retest that holds should send the cryptocurrency back to all-time highs. Rejection here could cause a push back to the bottom of the cloud.

The level also matches up with the Tenkan-sen resistance on weekly timeframes. The Tenkan-sen, also called the base line, is moving sideways on the weekly timeframe suggesting Bitcoin is consolidating. A downtrend would show with a corresponding move down in the base line.

bitcoin ichimoku cloud

The top cryptocurrency is also contending with Tenkan-sen resistance | Source: BTCUSD on TradingView.com

On the right hand side, however, we’ve got the monthly Bitcoin chart which is the most bullish of all. At just a glance, there’s very little resistance above Bitcoin price currently.

Related Reading | Bearish Bitcoin Signal Could Send Bulls To Early “Grave”

Price action is above the Tenkan-Sen and Kijun-Sen, the cloud, and there’s only a sharp spike to contend with above at around $60,000 per BTC.

If Bitcoin can take out that level, there’s no resistance left and price discovery should resume across crypto.

#Bitcoin is touching Ichimoku resistance on most time-frames except monthly. Very little resistance there. New ATHs ahead. pic.twitter.com/hytiJZcTxB

— Tony "The Bull" Severino, CMT (@tonythebullBTC) August 13, 2021

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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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.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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