The Break Below Ichimoku Cloud
In recent market developments, Bitcoin (BTC) has undergone a significant shift in its price trajectory. After experiencing a bullish wave that propelled BTC to reach an impressive price of 30k, the cryptocurrency has faced a subsequent bearish wave. This transition has led to increased volatility and a shift in market sentiment.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The break below the Ichimoku cloud in BTC’s price line marked a significant turning point, indicating a shift from the previous bullish wave to a bearish wave. This breach undermined the positive sentiment surrounding BTC and revealed a heightened selling pressure. Currently, BTC is approaching a strong support level, which holds crucial implications for its price outlook. In the event that this support level is lost, it is highly probable that BTC will experience a more pronounced bearish wave, potentially leading to further price declines and reinforcing negative market sentiment. Traders and investors should closely monitor the price action around this support level to gauge the future trajectory of BTC.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.