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bitcoin above the cloud weekly ichimoku
Nexo Logo

About The Clouds: Bitcoin Holds Retest Of Key Weekly Level

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
Reading Time: 2 mins read
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Last night at 8PM eastern standard time, Bitcoin price closed its weekly candle at roughly $9,325. While the close marked yet another week of failed attempts to break above $10,000, it also marked the first retest of the Ichimoku indicator Kumo, or “cloud.”

Another retest is in progress and currently holding. If Bitcoin price can hold above the key level and close again, it could be the start of a new, continued uptrend.

Repeated Failures To Break Above $10,000, Is the Next Time The Last Time?

Bitcoin price continues to struggle with $10,000. The level has long been considered a “FOMO trigger” in which a strong reaction occurs to the up or downside.

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During the 2017 crypto bubble, once Bitcoin price broke above the resistance level, it peaked at $20,000 less than a month later.

Since then, the first-ever cryptocurrency has spent nearly three years trying to get back and hold above the key level.

Related Reading | Bitcoin Abruptly Surges to $10,000: But Here’s Why a Brutal Rejection Awaits 

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A mid-2019 rally made it above, even reaching $14,000, but was rejected back below and hasn’t made it back above since.

A handful of attempts have been made, but none of the tries have been able to hold strongly above $10,000. Once the cryptocurrency does make it back above the key level, it could be the last time the asset ever trades at prices below it.

bitcoin ichimoku cloud weekly level bullish
Source: TradingView

Bitcoin Price Weekly Close Holds Above Ichimoku Cloud

Bitcoin price also couldn’t hold above the Kumo or “cloud” on the Ichimoku indicator during the early 2020 rally that peaked out in February, just ahead of the Black Thursday collapse.

A couple of weekly closes came close to the top of the cloud, but selling pressure pushed prices back through it, and when it came out the other end of the cloud, the asset fell another 50% in a flash.

This time seems to be different, however. During the last rally, Bitocin price again was rejected by the top of the cloud, back into it. However, this time the bottom of the cloud held, prompting another retest at the top of the structure.

Related Reading | This Unusual Factor Could Reignite Crypto’s Notorious Volatility 

Last night’s weekly close held firmly above the cloud – currently green indicating bullish price action. Another retest of cloud support is in progress and appears to be holding thus far.

If Bitcoin price can hold above the cloud, it may not be long before investors can say goodbye to prices below $10,000 for good.

Adding more validity to the bullish signals on the indicator is a bullish crossover of the two senkou spans.

A further fall and close back into the cloud, or worse, below it, could lead to another test of lows set in mid-March.

Tags: bitcoinbtcusdBTCUSDTichimokuIchimoku Cloudichimoku indicatorxbtusd
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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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