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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin
Reading Time: 3min 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.

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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.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoichimokuIchimoku Cloudkumoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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