Right... Without going into too much detail, BTC is more ''bullish'' than it has been all year so far, according to the cloud.
At the moment, on the 1 day chart, we have:
(1) Lagging span above the price - which is, in my opinion, one of the best early and aggressive entry signals for traders, this is a very weak bullish signal but usually the first component to flip from bearish to bullish.
(2) A (weak) bullish TK cross below the cloud. Once again, a confirmation that we are heading into bullish territory.
Current situation:
*BTC is currently within the cloud, which indicates that price action is neutral, there is neither a bullish or bearish trend established. Keep this in mind.
*We have a flat Kumo edge (indicated with the yellow line), which a lot of Ichimoku traders see as a ''magnet'', it is the .5 fib from the last peak and last bottom. Price tends to move towards that line.
*The Bearish Kumo (cloud) is getting thinner, and might even flip bullish for the first time this year, this would be another confirmation that we are headed towards bullish territory. However, the cloud was thinner mid-June so don't rely on this yet, just keep an eye on it.
TLDR; What to do:
1. Keep an eye on BTC and watch it move through the last major resistance (the Kumo edge - indicated with the yellow line)
2. If it fails to break this resistance keep in mind that we might test the resistance again and break through it and BTC is bullish as hell.
3. If price declines and hits the lower edge of the cloud (major support) it will either bounce, or break through the cloud - breaking through the lower cloud edge would be incredibly bearish and means that we will most likely see new lows.
At the moment, on the 1 day chart, we have:
(1) Lagging span above the price - which is, in my opinion, one of the best early and aggressive entry signals for traders, this is a very weak bullish signal but usually the first component to flip from bearish to bullish.
(2) A (weak) bullish TK cross below the cloud. Once again, a confirmation that we are heading into bullish territory.
Current situation:
*BTC is currently within the cloud, which indicates that price action is neutral, there is neither a bullish or bearish trend established. Keep this in mind.
*We have a flat Kumo edge (indicated with the yellow line), which a lot of Ichimoku traders see as a ''magnet'', it is the .5 fib from the last peak and last bottom. Price tends to move towards that line.
*The Bearish Kumo (cloud) is getting thinner, and might even flip bullish for the first time this year, this would be another confirmation that we are headed towards bullish territory. However, the cloud was thinner mid-June so don't rely on this yet, just keep an eye on it.
TLDR; What to do:
1. Keep an eye on BTC and watch it move through the last major resistance (the Kumo edge - indicated with the yellow line)
2. If it fails to break this resistance keep in mind that we might test the resistance again and break through it and BTC is bullish as hell.
3. If price declines and hits the lower edge of the cloud (major support) it will either bounce, or break through the cloud - breaking through the lower cloud edge would be incredibly bearish and means that we will most likely see new lows.
Comment:
BTC has tested the fib level support and hasn't broken through it. From here on, it might test that 0.5 level. If we have a bullish daily candle close above that area things are looking good.
Comment:
Play is still active. Price touched the cloud support but failed to break through it. As I said, breaking through the cloud would be incredibly bearish in my opinion so I am keeping a close eye on that daily candle close.
We need to get through that 0.5 fib resistance.
We need to get through that 0.5 fib resistance.
Comment:
Play is still active.
BTC has failed to break through the cloud support. First major resistance would be the Kijun area, we will need a close above $7130 today to break through it.
BTC has failed to break through the cloud support. First major resistance would be the Kijun area, we will need a close above $7130 today to break through it.