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bitcoin ichimoku cloud

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

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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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.

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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

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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" Spilotro (@tonyspilotroBTC) 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
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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